Local real estate sales buck trend

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REINZ, the most up-to-date source of real estate data in New Zealand, announced yesterday that there were 5670 dwelling sales in the month of April, down 20.2 per cent on April last year and down 22.5 per cent compared to March.

The national median price was $432,250 for the month of April, an increase of $41,750 compared to April 2013, but a fall of $7,750 from March.

Real Estate Institute of New Zealand (REINZ) chief executive Helen O’Sullivan said the sharp fall in sales volumes in April has impacted all regions, including Auckland and Christchurch, where much of the price pressure has been in recent times.

“The fall in April compared to March, 2014, and April, 2013, deepens the underlying trend for easing sales volumes. April is generally a softer month for real estate sales coming off the back of a generally strong March and with the added complications of school holidays and Easter.”

However, she said, these factors cannot explain the entire drop between April this year and April last year – the volume of sales has retreated to 2012 levels, and is the seventh lowest April volume recorded by REINZ[1]. ”

North Otago Real Estate spokesperson Tony Spivey said about 50 sales were completed in March and sales in this district remained steady.

Mr Spivey said he didn’t have the latest sales statistics for April but said it didn’t feel like there had been a drastic reduction.

By LINDA MCCARTHY