House prices in New Zealand inclined 1.3% in October as low interest rates encouraged consumers' demand for home loans, worth mentioning that the Reserve Bank of New Zealand kept borrowing costs at 2.5% since April which helped to spur demand in the property market.

However, today's report showed that home sales rose 36% in October from a year earlier as the number of properties sold recorded 6,091 from a previous 6,464, while the estimated time to sell a house declined to 31 days from 33 days.