Housing Market Update 16/08/2012

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In July there were 5,907 dwellings sold around New Zealand which was a 20% gain from a year ago following similar rises underway for a full year now. So turnover is rising and now stands at 69,222 for the past year which is the highest total since February 2010 as the surge in activity from March 2009 eased off.

On average in July it took 38 days to sell a dwelling which was 0.5 days longer than average whereas June days to sell was 0.9 days faster. So although turnover is rising there is not yet a wholesale straight-line switch toward properties selling as soon as they are listed. Having said that, Auckland days to sell was 3 days below average in July compared with 5.6 days above average in Wellington and 11.8 days above average in the broad Waikato/Bay Of Plenty region. Tony Alexander РCheif Economist, BNZ

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