18 January 2010 - Provided by Real Estate Institute of New Zealand Inc
Figures released today by the Real Estate Institute of New Zealand (REINZ) revealed the median residential house price rose in 11 out of 12 districts last month (December 2009) compared to the same period the previous year.
The national median of $360,000 was up 9.6 percent on the corresponding figure of $328,500 recorded for December 2008. It was also up $5,000 on the median price for November 2009.
The largest gains were Nelson/Marlborough, up 14.5 percent to $343,500, followed by Southland up 10.8 percent to $184,000 and Hawke’s Bay, also up 9.4 percent to $290,000. Northland was the only district to experience a drop in median prices, down just over 2 percent to $306,000
Real Estate Institute of New Zealand President Peter McDonald says it’s an appreciating market fuelled by a shortage of properties for sale but is looking optimistic for 2010.
“House prices have definitely stabilised and appear to be slightly gaining, which is a positive sign. The median house price for December 2009 was up 1.4 per cent on the previous month so, while the median price for December 2009 was a record high for that time of the year, it’s a case of steady as it goes,” he says.
“It is concerning there was less than 5,000 residential properties sold in December but the sale time of 33 days is one of the shortest for the year, which goes to show those properties sold were well sought after,” Mr McDonald says.
The total value of house sales in New Zealand in December was $2.15 billion, which came from the sale of 4,957 houses. There were also 655 more houses sold around the country than in December 2008 but still down 640 on December 2007. The breakdown of the values of the properties was 165 for $1 million plus, 617 for $600,000 - $999,999 and 1,289 for $400,000 - $599,999 and 2,886 under $400,000.
Auckland sales accounted for $918 million of total sales in December. Canterbury/Westland and Waikato/Bay of Plenty were the next greatest value at $283m and $272m respectively with Wellington not far behind at $253m.
The national median for days to sell in December was 33, 12 fewer days than the corresponding period a year ago. Sales were quickest in Wellington at 28 median days and in Canterbury/Westland and Otago, where the median days to sell was just 29.
For the full report from REINZ please select here: 18 January 2010 (.pdf Format; 132Kb)
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