New figures from the New Zealand Real Estate Institute show that the median price of a property in the country has reached a record high. The continued strength of the Christchurch and Auckland property markets pushed prices to a new high in June while the number of property sales has risen by a sixth in the last year.
Here, we look at the buoyant New Zealand property market.
Prices of property in New Zealand hit a record high
The Real Estate Institute figures show that the national median sale price of a property in New Zealand rose to $372,000 (ÃÂ£191,220) in June 2012, $2,000 above the previous record set in March 2012.
Helen OÃ¢â¬â¢Sullivan, Real Estate Institute chief executive, said: Ã¢â¬ÅKeen buyer interest in Auckland and Christchurch Ã¢â¬â which together make up about half of national activity Ã¢â¬â drove the New Zealand real estate market to new highs in June and a new record median price.
Ã¢â¬ÅThe overall pattern for the rest of New Zealand shows improvement in sales volumes, with prices on the whole steady rather than up."
However, O'Sullivan warned that the marketÃ¢â¬â¢s apparent strength is still far off the boom years in the mid to late noughties. She added: Ã¢â¬ÅBuyers and sellers lost confidence during the global financial crisis and in that context the current market should be seen as recovering rather than booming.Ã¢â¬Â
The number of home sales in Auckland climbed 15.7 per cent compared to a year earlier, while the medium sale price rose 8.5 per cent. June 2012 saw Auckland maintain its record $500,000 (ÃÂ£257,000) median sale price.
The figures come after a similar report from real estate agent Barfoot & Thompson. The company, which sells about one in three Auckland residential properties, said the Auckland housing market had enjoyed its strongest June in five years, with the average sale price hitting a record high.