Low number of new listings plunges New Zealand home sales

Source: Xinhua| 2019-09-13 19:03:50|Editor: Wu Qin
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WELLINGTON, Sept. 13 (Xinhua) -- The number of residential properties sold across New Zealand in August decreased by 6.1 percent year-on-year to 5,959, the lowest level of sales for seven months, according to the latest data from the Real Estate Institute of New Zealand (REINZ) released on Friday.

For New Zealand excluding Auckland, the number of properties sold decreased by 6.9 percent year-on-year, statistics showed.

In Auckland, the number of properties sold in August decreased by 4.1 percent year-on-year, the lowest in four months.

Bindi Norwell, chief executive at REINZ, said the fall was a bit of a surprise given the strength of July's figures. However, an extremely wet August across most parts of the country and the past three months having the lowest number of new listings of any consecutive three months since records began in 2007, look to have been contributing factors.

Median price increases for New Zealand excluding Auckland were even stronger, increasing by 9.5 percent to new record high of 498,000 NZ dollars (318,170 U.S. dollars), up from 455,000 NZ dollars in August last year, Norwell said.

Median house prices in Auckland fell by 3.5 percent to 820,000 NZ dollars, down from 850,000 NZ dollars at the same time last year, he said.