A dramatic jump in the number of houses being sold across the country has seen an almost 18 per cent rise in properties trading hands between October and November this year - the highest move in six years.
For sale sign outside of house.
Source: 1 NEWS
Chief executive of REINZ, who collected the statistics, Bindi Norwell said they did not expect the house sales spike, which also measured record median property prices across seven New Zealand regions.
"There was a 17.8 per cent increase in the properties sold in New Zealand from October to November - this is the largest October to November increase we've seen in six years," Ms Norwell said.
"After taking into account seasonal adjustment that increase is 4.5 per cent.
"While there was a significant increase in properties sold, November traditionally sees a robust increase, although the change in November compared to last month was stronger than we would have expected based on past data."
REINZ also reported that median house prices across New Zealand rose 1.9 per cent in November to $540,000, up from $530,000 in October 2017.
Auckland's median price increased even more than nationally, up 3.8 per cent to $880,000, up from $848,149 in October.
"There is no denying that with one of the wettest winters on record and the election, that it has been a difficult few months for the industry,"
"However last month has provided the industry with a boost in optimism and confidence which has seen the market return to normal November conditions."
There was an increase in properties sold in 15 out of 16 regions across the country, and seven regions recorded record prices.
The seven regions with record prices in November were:
- Bay of Plenty, up 7.8 per cent month-on-month to $567,000
- Hawke's Bay, up 6.2 per cent month-on-month to $420,000
- Manawatu/Wanganui, up 4.8 per cent month-on-month to $300,000
- Wellington, up 6.8 per cent month-on-month to $549,777
- Marlborough, up 4.0 per cent month-on-month to $437,000
- Canterbury, up 2.2 per cent month-on-month to $460,000
- Southland, up 11.8 per cent month-on-month to $265,000