Article supplied by REINZ
The number of residential properties sold in November across New Zealand increased by 29.6% from the same time last year (from 7,627 to 9,885) – the highest number of properties sold in 164 months (March 2007) and the highest November sales count since November 2006 (14 years), according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.
With more than a quarter of all properties sold by auction across New Zealand in November, Auckland saw 43.6% of properties (1,626 properties) sold under the hammer up from 31.8% at the same time last year (769 properties). This was the highest percentage of properties sold by auction in Auckland in 51 months (August 2016).
Bindi Norwell, Chief Executive at REINZ says: “The Auckland market has remained strong with 5,195 new listings in November, an increase of 45.9% from the same time last year. November was an incredible month in terms of the number of properties sold, with just shy of 10,000 properties sold over 30 days (9,885). For three months in a row now, Auckland sales volumes have been up more than 50% when compared to the same time last year, and with a 45.8% increase in new listings in November, there are few signs of the usual Christmas slow down. It will be interesting to see how long these high sales volumes can be sustained for,”