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New Zealand Residential Property Sales Rise 37% In February

4/13/2012 1:39 AM ET

New Zealand's residential property sales increased significantly in February, data released by the Real Estate Institute of New Zealand (REINZ) showed Friday.

The the volume of home sales climbed 37 percent on an annual basis to 6,168 in February, which was best February result recorded since 2008.

Compared to January, sales volume increased by more than 50 percent in February, in line with the usual pattern for the time of year. On a seasonally adjusted basis, total sales rose 3 percent month-on-month.

Meanwhile, the national median house price remained unchanged month-on-month at NZ$35,5000 for the third straight month. On an annual basis, the average house price increased 1.4 percent in February.

"The real estate market in February has built on the strong results in December and January with a 37% lift in sales across the country compared to February last year and the highest number of transactions in a February month since 2008," REINZ chief executive Helen O'Sullivan said. "While agents are seeing more activity and more positive sentiment from buyers in most places this is not translating into significant price increases."

by RTT Staff Writer

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