New Zealand Recorded Higher Home Prices In December 2009!

Towards the end of the 2009, New Zealand’s home prices hit record high, thanks to the shortage of properties for sale. As per the the figures presented by the Real Estate Institute of New Zealand, the country’s typical house price was $360,000 in the month of December, which was an increase of $5,000 from the previous month. Reportedly, its typical house price in December 2008 was $328,500.

As a result of the skyrocketing home prices, lesser number of sale transactions had taken place in New Zealand. The REINZ reported that, a total number of 4,957 houses were sold in December, a significant slip from the previous month. In November, 6,056 sale transactions were made in the Kiwi land. But, December 2009 witnessed an increase of 15 percent in house sales from the same time of 2008. However, it was not that high to match the record house sale rate in the same time of 2006, when sales were up almost 40 percent.

Let’s have a look at the highlights of the REINZ’s figures:

  • In December, New Zealand’s house prices were 9.6 up as compared to one year ago. A year ago, recorded median house price was $328,500.
  • December’s house price was 2.2 percent higher than December 2007. Reportedly, in 2007 New Zealand’s median house price was $352,000.
  • A total number of 4,957 sale transactions were made in December 2009, up from December 2008’s figures which is 4,302.
  • Reportedly, it took an average number of 33 days to sell a house in December 2009, while in December 2008, it needed 45 days on an average.

If we compare the figures of median house prices in twelve regions of New Zealand from 2008 and 2009, it comes clear that almost every region witnessed a rise in prices, barring one which on the contrary recorded a drop in prices, while another did not see any change in the prices!

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