NZ housing mkt
Oct 21st 2004, 4:25 am
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NZ housing mkt
Residential Property Market Defies Predictions
18 Oct 2004
The national median selling price for New Zealand residential properties defied predictions with an increase from $247,000 to a new record of $250,000 in September, according to the National President of the Real Estate Institute of New Zealand (Inc), Mr Howard Morley.
The increase came in the face of a further decline in sales volume of 4.1 per cent from 8,191 sales in August to 7,854 sales in September, most of which occurred in lower end, under $400,000, transactions.
Mr Morley said rising interest rates were dampening the market down, finally, in terms of sales activity but values were remaining relatively steady with seven regions experiencing increases, three decreases and one region with an unchanged median. The medium price has remained within a tight band of $240,500 to $250,000 through the quieter winter months since March of this year.
"Despite exaggeratedreports of decreases in Auckland prices, overall the Auckland market is surviving pretty well, in fact the median price increased during September to just under its record level of $340,000 that was set in July 2004. Certainly some reduction in higher end property values has occurred in what is a relatively tight market at that level, but overall Auckland has matched the national median surprisingly well."
"Sales volumes are well down now from the peak, with current sales at under 8,000 a month, compared with 10,687 in September 2003, and more in line with the September 2002 market where 7,943 sales took place. However we have yet to see the traditional spring recovery in volumes and confidence, so the next couple of months will be particularly interesting."
The Auckland median was up slightly from $336,500 to $337,000, which included an unchanged Metropolitan Auckland median of $339,000 and an Auckland City median up from $365,000 in August to $385,000 in September.
Mr Morley said reports from Auckland last week had exaggerated the impression of declining Auckland prices and had been based on a limited number of upper end sales by one real estate firm.
Auckland sales were down 7.1 per cent from 2,888 in August to 2,682 in September. The Northland median was unchanged at $195,000, but in some other regions prices weakened.
Hawke's Bay was down from $211,500 to $196,100, Taranaki was down from $161,050 to $158,500 and Nelson/Marlborough slipped from $270,000 in August to $250,000, the latest of a series of significant declines in recent months, following a previously spirited climb.
Waikato/Bay of Plenty/Gisborne was up from $210,000 to $212,500, Manawatu/Wanganui was up from $140,000 to $146,000 and Wellington increased from $265,000 to $270,000.
Canterbury/Westland was another region to show a gain, rising from $218,750 in August to $223,250 in September. Otago also lived up to previous form with an increase from $183,000 to $186,550 and Southland was also up, from $126,750 in August to the latest figure of $132,000.
On an annual basis the national median is up 16.3 per cent with Southland showing the biggest percentage increase at 38.9 per cent and Auckland the lowest at 5.6 per cent.
Median days to sell remained steady at 31, with Auckland showing signs of revival with days to sell falling from 33 in August to 31, Canterbury/Westland having the shortest days to sell figure of 22 and Nelson/Marlborough having the longest at 52 days.
In the major metropolitan areas Hamilton City's median was up from $223,000 to $235,000, Tauranga was down from $283,500 to $265,000, Wellington Central was down from $318,510 to $311,000 and Christchurch City was down from $240,000 to $236,500. Dunedin was up from $186,500 to $191,000.
18 Oct 2004
The national median selling price for New Zealand residential properties defied predictions with an increase from $247,000 to a new record of $250,000 in September, according to the National President of the Real Estate Institute of New Zealand (Inc), Mr Howard Morley.
The increase came in the face of a further decline in sales volume of 4.1 per cent from 8,191 sales in August to 7,854 sales in September, most of which occurred in lower end, under $400,000, transactions.
Mr Morley said rising interest rates were dampening the market down, finally, in terms of sales activity but values were remaining relatively steady with seven regions experiencing increases, three decreases and one region with an unchanged median. The medium price has remained within a tight band of $240,500 to $250,000 through the quieter winter months since March of this year.
"Despite exaggeratedreports of decreases in Auckland prices, overall the Auckland market is surviving pretty well, in fact the median price increased during September to just under its record level of $340,000 that was set in July 2004. Certainly some reduction in higher end property values has occurred in what is a relatively tight market at that level, but overall Auckland has matched the national median surprisingly well."
"Sales volumes are well down now from the peak, with current sales at under 8,000 a month, compared with 10,687 in September 2003, and more in line with the September 2002 market where 7,943 sales took place. However we have yet to see the traditional spring recovery in volumes and confidence, so the next couple of months will be particularly interesting."
The Auckland median was up slightly from $336,500 to $337,000, which included an unchanged Metropolitan Auckland median of $339,000 and an Auckland City median up from $365,000 in August to $385,000 in September.
Mr Morley said reports from Auckland last week had exaggerated the impression of declining Auckland prices and had been based on a limited number of upper end sales by one real estate firm.
Auckland sales were down 7.1 per cent from 2,888 in August to 2,682 in September. The Northland median was unchanged at $195,000, but in some other regions prices weakened.
Hawke's Bay was down from $211,500 to $196,100, Taranaki was down from $161,050 to $158,500 and Nelson/Marlborough slipped from $270,000 in August to $250,000, the latest of a series of significant declines in recent months, following a previously spirited climb.
Waikato/Bay of Plenty/Gisborne was up from $210,000 to $212,500, Manawatu/Wanganui was up from $140,000 to $146,000 and Wellington increased from $265,000 to $270,000.
Canterbury/Westland was another region to show a gain, rising from $218,750 in August to $223,250 in September. Otago also lived up to previous form with an increase from $183,000 to $186,550 and Southland was also up, from $126,750 in August to the latest figure of $132,000.
On an annual basis the national median is up 16.3 per cent with Southland showing the biggest percentage increase at 38.9 per cent and Auckland the lowest at 5.6 per cent.
Median days to sell remained steady at 31, with Auckland showing signs of revival with days to sell falling from 33 in August to 31, Canterbury/Westland having the shortest days to sell figure of 22 and Nelson/Marlborough having the longest at 52 days.
In the major metropolitan areas Hamilton City's median was up from $223,000 to $235,000, Tauranga was down from $283,500 to $265,000, Wellington Central was down from $318,510 to $311,000 and Christchurch City was down from $240,000 to $236,500. Dunedin was up from $186,500 to $191,000.
