The housing market performed strongly in July with sales volumes up 25% compared to July last year.
The latest figures from the Real Estate Institute of NZ show 7854 residential properties were sold throughout the country in July, up 24.6% compared to July last year and the highest number of sales made in the month of July in the last five years.
The buoyancy in sales was almost nationwide, with July sales in Auckland up 30.3% compared to July last year, which was also the best July month for sales in five years. For the rest of New Zealand (excluding Auckland) sales were up 21.5% compared to July last year, which was the best July for sales in 15 years.
The only region where July's sales were not higher than July last year was Gisborne.
The biggest increases in sales compared to a year ago were on the West Coast +57.1%, Tasman +55.7%, Nelson +42.4%, Waikato +34.8% and Taranaki +30.8%.
The national median selling price was $660,000 up 3.4% compared to June and up 14.8% compared to July last year.
In Auckland the median price was flat at $920,000, down just 0.1% compared to June, but still up 11.5% compared to July last year.
In the rest of New Zealand (excluding Auckland) the median selling price hit a new record of $559,000, up 3.5% compared to June and up 15.3% compared to July last year.
"Even though anecdotally we've had a great start to August, the real question now is how long this can be sustained for, particularly now Auckland has gone back into Level 3," REINZ Chief Executive Bindi Norwell said.
"Part of the sales volumes can be attributed to post-COVID pent up demand, but underpinning this activity during July was strong levels of interest and engagement from all buyer levels including first home buyers, investors and families looking to upgrade.
"Even Queenstown-Lakes, which everyone predicted would be one of the most hard-hit regions due to a lack of international tourists, saw a record median price for the district in July of $1,100,000, up from the prior record set in March 2020 of $1,080,000," she said.
The interactive charts below show the sales volume and median price trends for all regions.
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