New Zealand’s house prices increased in September from a year ago, while the volume of sales plunged, the Real Estate Institute of New Zealand reported Thursday.
The national median house price index rose 1.2 percent year-over-year to NZ$525,000 in September. Median prices dropped 0.9 percent, month-on-month.
On a seasonally adjusted basis, national median prices declined 1.3 percent in September from a year ago.
In Auckland region, house prices showed no variations annually in September, while it increased 1.2 percent from August.
Meanwhile, the volume of home sales tumbled 26.2 percent yearly in September. In Auckland alone, the number of sales plunged 31.5 percent.
Moreover, this was the lowest number of sales in eight months, and the lowest number of sales in the month of September for six years.
“The soggy start to spring combined with the ‘election effect’ has had a significant impact on the number of sales across the country,” Bindi Norwell, CEO at REINZ, said.
“However, it’s not all doom and gloom as there are pockets of the country experiencing increases month-on-month and median prices are increasing in the majority of regions across the country.”