Housing sector has started to show steady growth with the economy, adversely impacted by shocks of global financial crisis, has started to show signs of recovery due to improvement in demand across key economic segments in New Zealand.

A recent survey conducted by the Real Estate Institute of New Zealand maintains, "The figures show little movement in median prices and numbers of properties changing hands in August compared with previous months."

Property prices in Auckland reported a significant growth, with house prices rising to $450,000 in August 2009, against $423,500 in the corresponding period last year. Wellington property market is also doing well, with house prices having climbed to $395,500 from $375,000. National maiden sales in August 2009 stood at $346,750, against $340,000 in the previous month; thereby indicating a positive trend in the industry. National home sales stood at $2,504 million, largely from Auckland, Cantebury area and the Wellington region.

Mike Elford, President of Real Estate Institute, said: "It is early days yet, and we still need to be cautious in drawing conclusions from these trends Like those commentators, we would be reluctant to say the hard times are over, but if the trees are not yet in full bloom, there are certainly buds in view."