Auckland recorded more than 50% more house sales in March compared to February, and 11% more than in March 2010, according to the latest Real Estate Institute of New Zealand (REINZ) figures.

The national housing market recorded a strong seasonal lift in March with higher sales volumes and a modest rise in prices.

‘The March results show real growth in volumes in the Auckland market’, said REINZ chief executive Helen O’Sullivan. She cited a number of factors for the growth in the Auckland market, including the persistent shortage of housing stock, continued weak building consents resulting in increased rental pressure and low interest rates.

O’Sullivan added: ‘Volume growth across the rest of the country, while impressive compared with February, is more in line with seasonal trends. We are also seeing that while volumes have strengthened, prices are only showing modest changes across the country. Buyers are increasingly seeing price stability, which is giving them confidence to enter the market.’

Across New Zealand 5,848 sales were reported, a 29.9% increase over February, and an increase of 32.2% when Canterbury/Westland figures are excluded from both totals.

The national median price increased by NZ$15,000 to NZ$365,000 from February, and by NZ$4,500 compared to March 2010.