New Zealand property prices on the rise
Property prices across New Zealand have gone up by around $5,000 according to a recent report. The price rise, recorded in August, means the median price of a property in the country has risen to $390,000 and very close to the record high recorded in March. However, even though national prices appear to be on the increase, there are indications that the volume of sales is slowing.
The Real Estate Institute of New Zealand, the body responsible for the recent statistics, said the stratified housing price index had risen by 2.1 per cent to the highest it has ever been. The index in Auckland was up by 6.5 per cent on the previous month.
Helen O’Sullivan, REINZ chief executive, said property agents across the country were reporting an increase of interest from first time buyers looking to get themselves on the property ladder ahead of changes to loan rules due to be announced by the Reserve Bank.
However this activity seems to be more concentrated in the regions, she added, because of the price pressure in major cities like Christchurch and Auckland.
During August, 6,548 houses were sold, according to the report, a drop of 3.4 per cent. However, compared to the same month a year ago sales were up 8.5 per cent.
The NZD exchange rates on 17/09/2013 were as follows: GBP NZD = 1.9316, EUR NZD = 1.6221, USD NZD = 1.2144, AUD NZD = 1.1361, CHF NZD = 1.3115, INR NZD = 0.0192, AED NZD = 0.3309, MXN NZD = 0.094, CAD NZD = 1.1793, ZAR NZD = 0.1238, RUB NZD = 0.0376, . See today's New Zealand Dollar Exchange Rate
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