WELLINGTON: New Zealand house prices posted solid growth in December though the number of sales remained muted, the Real Estate Institute of New Zealand (REINZ) said on Thursday. Nationwide, median house house values rose 1.7 percent compared to the previous month on a seasonally adjusted basis, according to REINZ. Prices were up 5.9 percent anually.
The market had made a steady recovery in recent months after an uncertain election period in the third quarter saw annual growth slip below one percent in September. Sales volumes still struggled in December, with the number of properties sold decreasing 10.1 percent from the previous year. Sales volumes had fallen throughout 2017 as the previous two years of red-hot activity tapered off.
Source: Reuters ,(Reporting by Charlotte Greenfield; Editing by Catherine Evans)