REINZ says sales volumes rose in 2018 compared to 2017, although price trends were mixed – expects 2019 to be a good year for the industry

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The Real Estate Institute of New Zealand (REINZ) is optimistic about the outlook for the housing market in 2019.

In its review of the the residential property market for 2018, the REINZ said 72,188 properties were sold throughout the country in the 11 months from January to November, up 4.2% on the same period of last year.

In the Auckland market, 21,202 properties were sold between January and November, up 4.0% compared to the same period of last year.

And in the rest of the country excluding Auckland, 50,986 properties were sold, up 4.3% on last year.

However while sales volumes were up, price trends were mixed, with prices being slightly lower overall in Auckland compared to a year ago, but up around the rest of the country.

The median price in Auckland started the year at $820,000 in January and was $867,000 in November, slightly down on where it was in the same period of 2017, when it was $830,000 in January and $880,000 in November.

In the rest of the country excluding Auckland, the median price rose from $399,000 In January 2017 to $450,000 in November 2017, and continued to increase this year, rising from $450,000 in January 2018 to $485,000 in November 2018.

Houses were also taking slightly longer to sell.

In Auckland the median number of days it took to sell a property over the 11 months from January to November this year was 36, compared to 35 in the same period of last year.

In the rest of the country excluding Auckland, the median days to sell increased from 32 to 34 over the same periods.

The total value of residential property transactions increased by $3.13 billion, rising from $44.60 billion in the 11 months from January to November 2017,  to $47.73 billion over the same period of this year.

“2018 has certainly been an interesting year for the real estate industry,” REINZ chief executive Bindi Norwell said.

“We’ve seen record median prices reached in many parts of the country, strong sales volumes, a significant amount happening on the regulation front and just recently, the foreign buyer ban and the changes to LVRs.

“All in all, we expect 2019 to be another good year for the industry,” she said.

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