Sales slip but new zealand property prices stay steady

Sales of New Zealand property slipped in May 2014, according to the Real Estate Institute of New Zealand, but prices remained steady.

Sales in May were up 15.9 per cent from the previous month but dropped 14.8 per cent year-on-year, a trend that was reported across the nation. Prices, on the other hand, increased nationally by $38,000 to a national median price of $430,000 year-on-year but edged slightly down $2,250 from April 2014.

REINZ chief executive Helen O’Sullivan comments: "While the growth in the national median price is almost 10 per cent compared to May 2013, the driving force for this increase are the Auckland and Canterbury/Westland regions. Together these two regions represent almost 53 per cent of all sales, but contributed 76 per cent of the uplift in the median price."