New Zealand House Prices Rise In September: REINZ

New Zealand House Prices Rise In September: REINZ

House prices in New Zealand increased from the previous month in September, data from the Real Estate Institute of New Zealand (REINZ) showed Monday.

The national median house price increased 0.3 percent sequentially to NZ$371,000 in September, but came in just below the record median. The lift in prices reflects a shortage of new listings that prompted buyers to make rapid decisions.

House prices in Auckland moved up 1.9 percent month-on-month to a new record of NZ$515,000 during the month.

Meanwhile, the number of sales decreased 6.3 percent month-on-month to 5,653 in September, and increased 8 percent compared to the same month last year. As much as 20 percent of the total sales were auction sales, which is a new national record.

"The traditional rush of spring listings has not eventuated this year and the market is tightening as buyers face a limited choice of offerings," REINZ Chief Executive Helen O'Sullivan said.