New zealand homes prices surge 20pc upwards

Residential property sales in New Zealand improved by a fifth year-on-year in December, according to a new survey from the Real Estate Institute of New Zealand (REINZ) this week.

House sales leapt 20.1% in December to a total of 5,316 versus the same month in 2010. The latest figure was the biggest for the month of December since 2007. Month-on-month, overall house sales increased a seasonally adjusted 5.6 percent in December.

The national median house price also moved up 0.9% to NZ$355,000 last month. However, the bad news was that prices fell by 3.4% month-on-month and the national median days to sell remained steady 35 days during December.

Source: OPP