As we move closer towards Christmas, there continues to be significant momentum in all sectors of the real estate market. The continuing supply of new property coming onto the market is maintaining a high level and is providing purchasers with more choice, not only around the number of properties they are able to view but also the location and prices of properties available.
This week, the Real Estate Institute of New Zealand released its November results, which showed the highest level of sales activity since March 2007, with property sales increasing 29.6 per cent on the same time last year, with a total of 9,885 properties transacted during the month.
When looking through the individual regions, Auckland led the highest property increase with a 53.9 per cent year-on-year increase and the highest number of sales since March 2007. The West Coast also showed a strong increase, up 74.4 per cent, followed by Northland, up 36.1 per cent, and Canterbury, up 31.7 per cent. The markets in the Bay of Plenty, Nelson, and Waikato all showed above 20 per cent in increased housing sales.
