Average sales price in new zealand hits record high

Photo: Jaafar Alnasser

The average sales price for homes in New Zealand was $738,876 in September 2014, according to Barfoot & Thompson, a record high.

The figure, which is $13,000 up on the previous highest average price established in March this year, was driven by a large proportion of sales fetching in excess of more than $1 million.

"A relatively modest number of homes [were] sold," explains Director Kiri Barfoot. "Of the 959 homes sold, 164 or 17.1 percent were for in excess of $1 million."

Indeed, September’s median price was $635,000, up less than 1 per cent on that for August, and more in line with the median price over the past four months.

Barfoot says that the market has been increasingly influenced by the upcoming general election, a factor which is less of a deterrent for properties in the higher price range.

"Without doubt, the election’s influence can be seen in September’s sales numbers. However, what can also be seen in the month’s figures is that housing activity was starting to lift during September, and normal spring trading can be expected now the election is behind us.

"New listings, at 1314 for the month, were already starting to build and were up 16.4 percent on listings during August and only 5.9 percent down on July’s 1396 new listings."

“It may take another month for the new listing pipeline to build."