New Zealand House Prices, Sales Continue to Rise in May

New Zealand House Prices, Sales Continue to Rise in May

New Zealand House Prices, Sales Continue to Rise in May

The FINANCIAL -- New Zealand's house prices and the number of sales rose in May compared with April, according to Nasdaq.

The national median home price was 460,000 New Zealand dollars (US$324,000) in May, up NZ$5,000 from April and up NZ$ 30,000 from a year earlier, data from the Real Estate Institute of New Zealand showed on June 11.

Actual home sales totaled 7,989 dwellings, up 10.4% versus April and up 21.6% versus last May.

"Auckland continues to dominate the real estate market in terms of price movements, with an annual increase of just under 20% for the 12 months to May," said Reinz Chief Executive Colleen Milne.

"The Reserve Bank's recently announced loan to value ratio measures may have some slowing impact on the rate of price increase, but it would take some months for this to take effect. The inventory situation in Auckland remains very tight and the number of sales by auction continues at near record levels," she added.