It is also the highest November sales volume in 14 years
The number of residential properties sold in November increased by 29.6% from the same time last year, the highest number of properties sold since March 2007 and the highest November sales volume since November 2006, according to the Real Estate Institute of New Zealand (REINZ).
REINZ's latest data revealed that the number of properties sold in New Zealand, excluding Auckland, increased by 18.3% compared to the same time last year (from 5,205 to 6,157), the highest number of properties sold since March 2016 and the highest November sales volume since November 2006.
In Auckland, the number of properties sold last month increased by 53.9% year-on-year (from 2,422 to 3,728), the highest since March 2007 and the highest November sales volume since records began.
“November was an incredible month in terms of the number of properties sold, with just shy of 10,000 properties sold over 30 days (9,885). The last time we saw a similar level of sales volumes was back in March 2007 – 164 months ago – before the national recession and Global Financial Crisis started impacting New Zealand's property market,” said REINZ chief executive Bindi Norwell.
November saw 10 of 16 regions with double-digit percentage increases in annual sales volumes, showing the market's buoyancy. Auckland's sales volume has been up more than 50% for three months in a row compared to the same time last year, says Norwell.
“Part of this is likely to be attributed to people wanting to purchase property ahead of Christmas, partly due to the Reserve Bank announcing in early November that it would undertake a consultation in December to re-introduce LVRs earlier than planned, but also due to this underlying fear that prices might increase even further in the coming months,” she continued.
Century 21 New Zealand owner Derryn Mayne expects this summer as the best one in real estate for over a decade as interest rates hit rock bottom, the economy performs better than expected, listings remain light, and buyer demand remains hot.
“As the saying goes, ‘don't look a gift horse in the mouth’. List now! Those Kiwis who list their properties this summer are set to do well. Eight months ago, no one predicted a real estate season like this one,” Mayne said.
