WELLINGTON, Dec 14 (Reuters) New Zealand house prices and sales were flat in November as the property market consolidated its gains of recent months after a sharp slump, the Real Estate Institute of New Zealand (REINZ) said on Monday.
Sales by the industry group's members were 0.6 percent lower from October but were up 41.5 percent on a year ago.
The national median house price was NZ$355,000 ($257,246), unchanged from the previous month but up 5.2 percent on the same month last year.
The housing market has been improving over recent months, albeit at lower levels, after its sharp decline in the past year.
'The market appears to have retained the momentum gained over the last few years and median prices this month mirror the all-time highs experienced in October,' REINZ President Peter McDonald said in a statement.
The REINZ's house price index, compiled in conjunction with the Reserve Bank of NZ, rose 0.2 percent in November and was 6.6 percent higher than a year earlier.
The median number of days to sell a house was 33 compared with 31 in October and 44 a year ago.
On Dec 10 the Reserve Bank of New Zealand held interest rates unchanged at 2.50 percent, with the recovery in the housing market one factor in an improved economic outlook. The RBNZ said that at the current rate, the market peak of 2007 would be regained in early 2010.
In a survey released on December 7 Government agency Quotable Value said house prices rose 1 percent in November, with a reduced supply pushing up house prices.
($1=NZ$1.38)
((Wellington newsroom tel 64 4471 4234, fax +64 4 4736 212,
wellington.newsroom@reuters.com)) Keywords: NEWZEALAND ECONOMY/PROPERTY (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Sales by the industry group's members were 0.6 percent lower from October but were up 41.5 percent on a year ago.
The national median house price was NZ$355,000 ($257,246), unchanged from the previous month but up 5.2 percent on the same month last year.
The housing market has been improving over recent months, albeit at lower levels, after its sharp decline in the past year.
'The market appears to have retained the momentum gained over the last few years and median prices this month mirror the all-time highs experienced in October,' REINZ President Peter McDonald said in a statement.
The REINZ's house price index, compiled in conjunction with the Reserve Bank of NZ, rose 0.2 percent in November and was 6.6 percent higher than a year earlier.
The median number of days to sell a house was 33 compared with 31 in October and 44 a year ago.
On Dec 10 the Reserve Bank of New Zealand held interest rates unchanged at 2.50 percent, with the recovery in the housing market one factor in an improved economic outlook. The RBNZ said that at the current rate, the market peak of 2007 would be regained in early 2010.
In a survey released on December 7 Government agency Quotable Value said house prices rose 1 percent in November, with a reduced supply pushing up house prices.
($1=NZ$1.38)
((Wellington newsroom tel 64 4471 4234, fax +64 4 4736 212,
wellington.newsroom@reuters.com)) Keywords: NEWZEALAND ECONOMY/PROPERTY (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.