Auckland property prices on the up

The estate agent's latest report shows that the average sales price of property in the area of New Zealand jumped 3.2 per cent in November 2013 from October. The median price, meanwhile, enjoyed an even bigger increase of 5.3 per cent to $621,400.

"What has to be factored into November’s sales figures is that it is traditionally one of the strongest trading months of the year, particularly for high end homes," comments Peter Thompson, Managing Director of Barfoot & Thompson. "In November we sold 189 homes for in excess of $1 million, our highest monthly number ever."

Overall, he explains November was less active than October, and what may have occurred in October was a rush of activity in anticipation that Change was about to happen, with people determined to get their property intentions sorted ahead of that Change."

"Sales numbers in November at 1118 were down 7.1 per cent on the numbers for October," he continues. "However, they were higher than the number sold in September, and also in line with the number sold in November last year."

"In terms of house values and turnover, November represented a solid month’s trading with numbers and values unaffected by any changes that the trading banks imposed," he adds. "This comes as no surprise as structural changes of the type being sought by the Reserve Bank can take many months to flow into the system. If Change does occur, it is likely to be towards the end of the first quarter of 2014 before its influence is felt."