New zealand house sales increase but prices fall

Residential property sales have increased over 20% year on year although nationally prices are falling, the latest figures from the Real Estate Institute of New Zealand (REINZ) show.

Sales increased 20.1% in December compared with the same month in 2010, the best December result since 2007. But prices were down 3.4% in December month on month and are just 0.9% compared with December 2010.

Auckland recorded its strongest December sales volumes since 2006, with six regions; Waikato/Bay of Plenty, Manawatu/Wanganui, Taranaki, Nelson/Marlborough, Canterbury/Westland and Otago, recording their strongest December sales since 2007. Only two regions, Hawkes Bay and Wellington, had lower sales volumes than December 2010.

However, all regions, with the exception of Central Otago Lakes, recorded a decline in sales volumes during December compared to November.

Source: PropertyWire.com