There’s been an uptick in the number of houses sold around the country, led by a strong increase in Auckland.
The Real Estate Institute’s House Price Index for New Zealand, which measures the changing value of property in the market, rose 1.5 percent in the year to July.
The national median house price rose 4.5 percent by $25,000 to $575,000, although prices were flat in Auckland at $830,000.
July sales rose to the highest number for the month in three years – up 3.7 percent over the year, with a 6.6 percent increase in Auckland.
Other regions with strong sales growth included Nelson, Gisborne, Canterbury and Marlborough.
“This is the first time in eight months that we’ve seen the number of properties sold around the country increase on an annual basis suggesting that we’re starting to see some early signs of growth,” said REINZ chief executive Bindi Norwell.
“Some of this can be attributed to more certainty post the removal of the capital gains tax, but it’s also about pockets of renewed confidence and parts of the market finding its new normal in terms of pricing.”
Seven regions saw sales volumes drop, with the biggest declines in West Coast, Tasman and Southland.