WELLINGTON, New Zealand--The median price of a house in New Zealand rose 3.8% on year in November, according to the Real Estate Institute of New Zealand, or REINZ.
The median house price rose 1.9% in November compared with October, and the number of properties sold increased 17.8% between the two months. Still, the number of properties sold across New Zealand in November was down 8.9% when compared with the same month last year.
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The number of days it took to sell a house, a gauge of underlying demand increased by one day in November to 33 days, when compared with November 2016.
The REINZ house-price index, which uses all sales by REINZ members rather than just a median price, increased 0.3% month to reach an all-time high of 2,663 during November indicating that the ratio of sales prices when compared to values is at its highest point since the index began.
"After a difficult winter and a slow start to spring, the real estate industry has experienced a lift in optimism and activity, with increases in the properties sold in 15 out of 16 regions across the country when compared to the previous month," REINZ Chief Executive Bindi Norwell said in a statement.
New Zealand's newly-elected Labour-led government plans to ban foreign investors from buying New Zealand homes from next year, in a bid to make them more affordable. Recent figures released by REINZ say this could remove around 3.8% of buyers from the market.
Write to Ben Collins at firstname.lastname@example.org
(END) Dow Jones Newswires
December 12, 2017 15:38 ET (20:38 GMT)