New Zealand house prices rose in May as more properties changed hands, showing the market is buoyant heading into winter, the Real Estate Institute said.
Just over 3 percent of 'home transfers' in New Zealand were to non-Kiwis in the first quarter, based on new data that tracks ownership changes from Statistics New Zealand.
Activity picked up across the Auckland residential property market in May although prices were weaker, according to the city's largest realtor.
New Zealand residential building consents fell 3.7 percent in April, after rising 13 percent in March, as multi-unit projects such as apartments and townhouses caused volatility in the monthly numbers.
Argosy Property lifted annual earnings 2.1 percent on flat rental income and said it will cut its retail exposure over the next 18 months, with real estate selling at "attractive prices" and the market near a cyclical peak.
New Zealand house sales rose 6.6 percent in April, the biggest year-on-year increase in 23 months, as ongoing demand coupled with tighter inventory saw prices increase in 14 of 16 regions. Prices outside of Auckland have risen almost 50 percent in the last two and a half years.
Property ownership and voter turnout tend to go in tandem. Thomas Coughlan harks back to a time when renters weren't allowed to vote and wonders why renters are so cavalier about voting now.
BNZ's consumer trends survey showed little improvement in consumer spending intentions in October and a rise in house price inflation expectations to a record high, while ANZ's Property Investors' survey found 92% expected property values to rise over the next year. Statistics NZ said population growth meant an extra North Island electorate would have to be created at the expense of a list MP.