NZ property sales jump in Nov; house prices rise

Wellington

HAVING suffered a slow period after an inconclusive general election, New Zealand property sales jumped 17.8 per cent in November, helped by seasonal spring demand and buying by foreigners before the new Labour-led government imposes a ban early next year. It was the largest October to November increase in six years, the Real Estate Institute of New Zealand said. On a seasonally adjusted basis, the rise was 4.5 per cent.

That was a rapid pick-up from a previously reported 0.8 per cent monthly increase in October, or a seasonally adjusted 1.5 per cent rise, when market activity was weighed down by political uncertainty.