14 May 2010 - Provided by Real Estate Institute of New Zealand Inc
Though median residential property prices and the number of sales were down in April, figures released today by the Real Estate Institute of New Zealand (REINZ) indicate the market is holding steady. Real Estate Institute of New Zealand President Peter McDonald says house values are firming rather than appreciating and he has welcomed the lessening of volatility in the market.
"The peaks and troughs of the past 18 months have settled and it's pleasing to see the market retaining its strength," he says. "From the highest March median sale price of $360,500, the fall in April has been just $4,500 to $356,000, another record, and sales at more than 5000 are also a good sign as we head into winter."
"The number of median days to sell has increased from 35 to 40," he says. "But that could be because greater use is being made of fixed period marketing such as auctions which appear to be getting very good results, especially in Auckland."
The total value of residential sales, including sections, in New Zealand in April was $2.24 billion, a decrease on the March total of $2.73 billion. The April total of 5207 dwellings sold is also down on the 6161 sold in March and 6,210 sold in the same month last year. The breakdown of the values of the properties was 177 for $1 million plus, 624 for $600,000 - $999,999, 1342 for $400,000 - $599,999 and 3064 under $400,000.
While the April national median residential house price is slightly down on the March figure, it is 4.7 percent up on the median price for April 2009. There have also been increases in the median price in 10 out of the 12 districts ranging up to 10 per cent when compared with the same month last year.
Two of the largest annual percentage increases were in Auckland, up 8.0 percent to $470,000, and Nelson/Marlborough up 8.8 percent to $339,500. However the biggest rise was in Northland, up 10.4 per cent from $290,000 to $320,250. The only negative change in district median prices was in Southland which recorded a fall of 2.63 percent from $190,000 to $185,000.
Auckland residential sales, including sections, accounted for $995 million of total sales in April. Sales in Wellington and Canterbury/Westland were the next greatest value at $276 million and $269 million respectively.
While the national median for days to sell increased to 40 from just 35 in March, this is still down on the figure of 42 for the corresponding period a year ago. The fastest sales were achieved in Auckland at 35 median days, and Canterbury/Westland at 36.
For the full report from REINZ please select here: 14 May 2010, (.pdf Format; 106Kb)
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