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Southland house sales - and prices - rising

Source: stuff.co.nz 

Southland-house-sales-risingThe median house price in Southland has increased by $15,000 in just a month.

House prices in the region rose from $195,000 in April this year to $210,000 in May.

However, the median price in May 2015 compared to May this year only increased $5000 from $205,000 to $210,000.

Also on the rise was the number of houses being sold in Southland.

Real Estate Institute of New Zealand figures for May say the sales volume rose from 141 in May last year to 220 last month, an increase of 58 per cent. 

REINZ spokesman Bryan Thomson said it was the third month in a row the Southland market had strong sales volumes.

"While Southland has seen a decline in the supply of properties available for sale, as in all other regions, it still has a relatively high level of inventory on hand, thus there has not yet been notable pressures on prices."

However, because of this, vendor expectations were beginning to rise, he said.

The breakdown of the sales showed an increase of 44 per cent in Invercargill house sales, from 100 to 144, and 33 per cent in Gore, from 21 to 28.

The median house price in Invercargill rose 1.8 per cent to $211,750 in May 2016 compared to $208,000 in May 2015.

However, they fell almost 19 per cent in Gore, from $180,000 to $146,000, during the same time frame.

This year the number of days to sell a house in Southland rose from 35 in April to 39 in May.

REINZ statistics also show the median house price in New Zealand has surpassed the half a million mark for the first time, hitting $506,000 in May - a 10 per cent increase in just 12 months.

Nationwide, excluding Auckland, the median price of houses was $385,000 for May, up 10.3 per cent year on year.​