The residential property market looks like it will finish the year on a firmer note, with prices generally rising and sales more buoyant in Auckland.
However the total volume of homes sold in November, which is the most important indicator of the state of the market, was down 1.9% compared to November last year but up 4.3% compared to November 2017.
But the main exception to that was Auckland, where November's sales were up 8.7% compared to a year ago and up a whopping 19% compared to November 2017, the Real Estate Institute of New Zealand's November data shows (see the interactive graph below for the sales trends in all regions).
In the rest of the country sales were down 6.1% on November last year.
Prices were generally firmer with record median prices being recorded in Waikato, Bay of Plenty, Hawke's Bay, Taranaki, Wellington, Nelson, Marlborough, Canterbury and Southland.
Median prices were down compared to November last year in Northland and Tasman, while in Auckland the median price hit its second highest level ever in November at $885,000, just below the record high of $900,000 set in March 2017 (see the interactive graph below for the median prices trends in all regions).
Within the Auckland region price trends were mixed, with the median price setting a new record of $1,030,000, while Franklin was flat on $702,000 and on the North Shore the median was $985,000 - down 6.2% on November last year.
"The Auckland market has seen prcies increase for three months in a row, suggesting that we're now entering a new normal for the country's biggest real estate market," REINZ chief executive Bindi Norwell said.
"Increasing levels of confidence in the property market coupled with low interest rates and a lack of choice of new listings means that people are prepared to pay more for properties than they were a few months ago," she said.
Homes are also selling more quickly, with the median number of days it takes to sell a property dropping to 33 days in November from 35 days in November last year (see the interactive graph below for the full regional trends).
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