Residential Sales and Prices Rise in March

 

 

16 April 2010  -  Provided by Real Estate Institute of New Zealand Inc

 

Both median residential property prices and the number of sales rose in March according to figures released today by the Real Estate Institute of New Zealand (REINZ) as large increases in listings left buyers spoilt for choice.

 

Real Estate Institute of New Zealand President Peter McDonald describes the apparently strengthening residential property market as most encouraging.

 

"Despite an abundance of good listings at present, we are still seeing prices going up as a result of strong demand from genuine home buyers," he says. "The median sale price of $360,500 is the highest March figure in twenty years and, after dropping to just 3666 in January, the number of sales broke through the 6000 barrier last month."

 

"What is happening now is in strong contrast to the market in November when listings were short and prices went up because demand was not being met," he says.

 

The total value of residential sales, including sections, in New Zealand in March was $2.73 billion, an increase on the February total of $2.14 billion. The March total of 6161 dwellings sold is also an improvement on the February figure of 5,029. The breakdown of the values of the properties was 208 for $1 million plus, 812 for $600,000 - $999,999, 1589 for $400,000 - $599,999 and 3552 under$400,000.

 

While the March national median residential house price is only $500 up on the December figure, it is more than 7 percent up on the median price for March 2009. There has also been increases in the median price in all 12 districts ranging from 1 to nearly 10 percent when compared to the same month last year.

 

Once again two of the largest annual percentage increases were in Auckland, up 9.31 percent to $475,500, and Taranaki up 8.52 percent to $280,000. While in Otago and Central Otago Lakes, where median prices in February were down on the same month last year, there was only minimal increase in March. However in Southland the annual median price percentage increase is more than5.3 per cent to $191,750.

 

Auckland residential sales, including sections, accounted for $1,267 million of total sales in March. Wellington and Canterbury/Westland were the next greatest value at $350 million and $326 million respectively.

 

Another indicator of the strengthening market is a fall in the national median for days to sell from 46 in February to just 35 in March, which is also down on the figure of 44 for the corresponding period a year ago. Sales were quickest in Wellington, Canterbury/Westland and Otago at 29 median days. 

 

 

 

For the full report from REINZ please select here: 16 April 2010 (.pdf Format; 119Kb)