The Auckland region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales across the Auckland region totaled 2,264 in the month showing a rise on a seasonally adjusted basis. As compared to July last year sales are up a very strong 29%. The inventory of unsold houses across region at 18.9 weeks remains firmly well below the long-term average of 32 weeks of equivalent sales.
The stratified median house price at $532,100 rose 9% as compared to a year ago to reach a new high. Prices started to rise across the region in the beginning of 2011 where the price in January 2011 was $464,425 and have risen steadily since then to the new level of $532,100 a rise of 14%. The asking price expectation of new listings equally rose to $574,932 edging close the record level set in May and showing a year-on-year growth of 6%.
The level of new listings coming onto the market across the wider Auckland region in July at 3,667 were up 21% as compared to a year ago.
The data indicates that across the Auckland region the property market continues to show strong growth, demand for property is strong which has been the case for over the past 9 months, this matched to low inventory and strong selling price appreciation places the market firmly to the advantage of sellers who are able to influence the market direction through supply management.