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Apr 19th 2005, 6:31 pm
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Latest property news from www.reinz.co.nz
REINZ News Release
A switch to higher end market residential property sales saw the residential property median price rise by more than $10,000 nationally during March according to the National President of the Real Estate Institute of New Zealand (Inc), Mr Howard Morley.
The national median selling price increased from $269,200 in February to a new record of $280,000, a sharp increase by normal standards, according to Mr Morley.
“Despite predictions otherwise, the latest increases show beyond doubt that the residential property market is in good heart with the regions, rather than the major centres, contributing much of the overall price increases in the last year.
“In fact the year-on-year figures show that if anything Auckland and Wellington have been dragging the market back with Auckland up 16.25 per cent on March 2004 and Wellington recording a 10.72 per cent year-on-year increase, whereas the national total increase is 16.42 per cent with six of the eleven regions showing 20 per cent plus increases. Taranaki leads the field with a 46.64 per cent increase.”
Total property sales increased from 10,231 in February to 10,398 in March 2005, however the latest figures are predictably lower than the March 2004 volume of 11,371.
Sales of properties in the $400,001 to $600,000 category increased by more than 200 from 1,464 in February to 1,698 in March, while sales of properties in the over $600,000 sector also increased by more than 200 from 710 in February to 913 in March, compared with 692 in March 2004.
Sales at $400,000 and under fell from 8,057 in February to 7,787 in March, well below the March 2004 figure of 9,356.
“This tends to indicate that the lower end of the market is happy to sit on recent gains rather than trade up, with rising interest rates more likely to have an impact on this end of the market. The upper end market seems to be getting stronger and, of course, is probably less affected by interest rates and more likely to finance acquisitions through fixed rate mortgages.”
Around the regions in March, Northland showed a solid gain up from $219,000 in February to $240,000 in March, while Auckland rallied after a period of subdued activity with its median up from $355,000 to $372,000.
Waikato/Bay of Plenty/Gisborne produced a smaller increase from $245,000 in February to $248,000 while Hawkes Bay, after a sustained period of growth in 2004, eased slightly from $242,500 to $240,000.
Manawatu/Wanganui was also slightly down from $155,500 in February to $155,000, but Taranaki continued its remarkable run with an increase from $193,000 in February to reach $220,000 in March.
Wellington was up from $276,750 to $289,000 and Nelson/Marlborough rose from $275,000 to $287,000.
Canterbury/Westland continued its strong recent surge with an increase from $231,000 to $249,000 and Otago performed similarly, rising from $204,000 in February to $219,000 in March.
Southland followed earlier progress with an increase from $141,000 in February to $147,000.
Issued on behalf of the Real Estate Institute of New Zealand (Inc) by Sorensen Group.
For further information contact:
Howard Morley, National President
The Real Estate Institute of New Zealand Inc
(021) 965 581
(09) 307 1700
OR
Klaus Sorensen
(029) 232 2576
(09) 307 4670
Real estate information is also available via the Institute's official property directory - RealENZ - on the Internet. RealENZ is a search facility providing comprehensive information on residential, lifestyle, rural, commercial, investment and rental properties. RealENZ's Internet address is: www.realenz.co.nz
Regional Highlights
Northland
The median price for a residential property in Northland increased in March to $240,000. This is up on both the $219,000 and $205,000 median prices recorded in February 2005 and March 2004 respectively. Sales volume eased during the month, with 297 dwellings sold (February 2005: 317; March 2004: 355). It took a median of 36 days for a house to sell in the region in March, down from 48 in February.
Auckland
The number of houses sold in Auckland during March increased, with 3,651 sales recorded. This is 325 more than the 3,326 sold in February 2005. The median price attained for an Auckland home also increased reaching $372,000, up from $355,000 in February. In March 2004, 3,881 houses sold with a median sales price of $320,000.
On the North Shore, the median price for a house continued to climb, reaching $443,000 in March (February 2005: $420,000; March 2004: $389,000). In total 677 houses changed hands during the month, up on the 650 sales recorded in February (March 2004: 681).
In total, 537 houses sold in Waitakere in March. This is a substantial increase on the 485 houses sold in February 2005. The median price attained for these sales was $318,000, up on the $293,000 median price recorded in February. In March 2004, 526 houses sold with a median sales price of $274,500.
The median price for a residential property in Auckland City rose to $435,000 in March (February 2005: $385,000; March 2004: $358,000). In total 1,138 houses sold in this area during the month, a significant improvement on the 1,007 sales achieved in the previous month (March 2004: 1,361).
The median price for a residential property in Manukau improved to reach $340,000 in March (February 2005: $325,000; March 2004: $295,000). In total 809 houses changed hands during the month, up from 691 in February 2005 and 730 in March 2004.
Papakura’s median price increased to reach $275,000 in March (February 2005: $269,250). In total 89 houses sold, slightly down on the 112 sales recorded in the previous month. In March 2004, 134 houses changed hands with a median sales price of $235,000.
Metropolitan Auckland’s sales volume increased significantly in March, with 3,250 residential properties sold (February 2005: 2,945; March 2004: 3,432). The median price attained for these sales increased also, reaching $375,000, up from $355,000 in February (March 2004: $322,000).
Waikato/Bay of Plenty/Gisborne
The median price for a property in the Waikato/Bay of Plenty/Gisborne area improved by $3,000 during the month to reach $248,000 (February 2005: $245,000; March 2004: $200,000). Sales volume decreased though, with 1,766 properties changing hands during the month (February 2005: 1,789; March 2004: 1,860).
Sales volume increased in Hamilton City in March, with 456 houses selling. This is 61 more than the 395 houses sold in February 2005 and 104 more than the 352 that sold in March 2004. The median price achieved for March sales reached $252,750 (February 2005: $250,000; March 2004: $200,000).
In total, 350 houses sold in Waikato Country during the month, an increase of nine on the 341 sales recorded in February 2005 (March 2004: 352). The median price attained for these sales eased to $169,000 in March (February 2005: $174,000; March 2004: $142,750).
The median price for a home in the Mt Maunganui/Papamoa areas eased on a monthly comparative basis to $380,750 in March (February 2005: $383,000; March 2004: $340,000). In total 148 houses sold during the month, four more than the 144 sold in February, and 17 less than the 165 sold in March 2004.
The median price for a house in Tauranga increased to $323,500 in March (February 2005: $297,500). In total 222 houses sold during the month, down on the 249 sales recorded in February. In March 2004, 282 houses sold in Tauranga with a median sales price of $258,500.
Sales volume rose in Rotorua, with 224 houses selling during March, up on February 2005’s 181 sales and March 2004’s 166 sales. The median sales price achieved eased to $166,000 (February 2005: $170,000; March 2004: $143,400).
The median price attained for a residential property in Taupo improved in March 2005 to reach $314,150 (February 2005: $300,000; March 2004: $272,000). In total 78 houses sold during the month, down from 93 in February (March 2004: 91).
Gisborne City’s median price continued to rise, reaching $186,000 in March (February 2005: $165,000; March 2004: $121,500). In total 65 houses sold in the city in March, down from 79 in February (March 2004: 96).
Hawkes Bay
The number of residential properties sold in the Hawkes Bay eased in March 2005, with 345 houses sold, down on the 361 and 364 properties sold in February 2005 and March 2004 respectively. It took an average of 32 days for a home to sell in the region during the month, down from 36 in February. The median sales price eased slightly during the month to $240,000 (February 2005: $242,500; March 2004: $195,000).
Manawatu/Wanganui
The median price for a residential property in the Manawatu/Wanganui region eased slightly to $155,000 in March 2005 (February 2005: $155,500). Sales turnover rose with 504 residential properties sold (February 2005: 498). In March 2004, 587 houses sold with a median sales price of $128,000. The median price for a section in the region was $88,000 in March 2005.
Taranaki
Sales volume improved on a month-by-month basis in March in this region, with 269 homes sold (February 2005: 253; March 2004: 303). The median sales price achieved during the month increased to $220,000, an improvement on the $193,000 and $150,026 median sales prices achieved in February 2005 and March 2004 respectively.
Wellington
The median price attained for a house in Wellington increased to $289,000 in March 2005 (February 2005; $276,750; March 2004: $261,000). In total, 1,002 homes changed hands, down from 1,102 the month prior (March 2004: 1,207).
In the Hutt Valley, the median price attained increased to $247,500 up from $240,000 the month prior. In total 166 houses changed hands during the month, down on the 227 sales recorded in February 2005. In March 2004, 232 houses sold with a median sales price of $224,000.
Sales volume eased slightly in Wellington’s Northern Suburbs during the month, with 121 sales recorded (February 2005: 123; March 2004: 136). The median sales price achieved during the month improved by $41,000 to reach $361,000 (February 2005: $320,000; March 2004: $304,050).
In the Western Suburbs the median price recorded in March 2005 remained unchanged from the $375,000 median price recorded in February 2005. In total, 39 houses were sold in the area, down from 53 the month prior. In March 2004, 64 houses sold with a median sales price of $406,750.
The median price for a property in Southern Wellington increased in March to $386,000 (February 2005: $364,000; March 2004: $352,500). In total 47 houses were sold during the month, 21 less than 68 sold in February (March 2004: 72).
Sales turnover decreased in Eastern areas of Wellington in March, with a total of 50 houses selling during the month, down on the 63 sales recorded in February 2005. Despite this, the median sales price achieved on these sales improved to $398,250 (February 2005: $390,000). In March 2004, 64 houses sold with a median sales price of $392,500.
In Central Wellington, the median price achieved for residential property reached $410,000, a substantial improvement on the $351,000 and $331,900 median sales prices achieved in February 2005 and March 2004 respectively. In total 84 houses were sold during the month, up on the 82 sold in February 2005, whilst remaining down on the 108 sales recorded in March 2004.
Nelson/Marlborough
The median price for a home in the Nelson/Marlborough region increased to $287,000 in March 2005, up from $275,000 in February (March 2004: $275,000). Sales volume also improved, with 339 sales recorded during the month, up on the 307 and 263 sales recorded in the previous month and year respectively.
The median price for a home in the Marlborough Sounds decreased to $390,000 in March, down from $508,000 in February. In total, six homes sold in the area during March, one more than the five sold in February 2005. In March 2004, six houses sold in the Marlborough Sounds with a median sales price of $507,500.
In total, 110 houses changed hands in the Marlborough/Kaikoura areas in March, up from 102 in February. The median price attained for these sales eased to $240,000 (February 2005: $243,500). In March 2004, 97 houses sold with a median sales price of $250,000.
The median price attained for a house in Nelson increased by $11,400 to reach $311,400 in March (February 2005: $300,000; March 2004: $275,000). In total, 223 houses changed hands, up on the 200 and 160 sales recorded in the previous month and year respectively.
Canterbury/Westland
The median sales price for a residential property in the Canterbury/Westland region increased to $249,000 in March 2005 (February 2005: $231,000). Sales volume improved also with 1,471 houses sold, up on the 1,447 houses that sold in February 2005. In March 2004, 1,670 residential properties sold with a median sales price of $198,000. It took an average of just 22 days for a house to sell in this region in March, 8 less than the 30 median days recorded in February.
In Christchurch’s Central City the median sales price increased to $300,000 during the month of March 2005 (February 2005: $262,500; March 2004: $245,000). In total, 41 houses sold in the area during the month, down on the 47 sales recorded in both February 2005 and March 2004.
Sales turnover improved in North Eastern areas of Christchurch, with 89 house sales recorded, up from 63 in February. The median sales price attained for these sales increased also, reaching $280,000 (February 2005: $258,000). In March 2004, 84 houses sold with a median sales price of $220,000.
In total 30 houses sold in the West Inner areas of the city in March, slightly down on the 39 sold in the previous month (March 2004: 58). The median sales price achieved on the 30 sales eased to $235,000 (February 2005: 242,500; March 2004: $233,750).
Sales volume rose in the West Outer suburbs of Christchurch, with 46 residential properties changing hands during March (February 2005: 38; March 2004: 50).The median sales price achieved eased to $210,000 in March (February 2005: $223,500; March 2004: $180,000).
In North Western Inner suburbs the median price decreased to $435,000, down from $456,000 in February. In total 89 houses sold during the month, up on the 77 sales recorded in the month prior. In March 2004, 87 houses sold with a median sale price of $386,000.
In Christchurch City the median price grew by $20,000 to reach $270,000 in March (February 2005: $250,000). In total 992 houses sold during the month, 34 more than the 958 that sold in February. In March 2004 1,062 dwellings sold with a median sales price of $227,000.
Otago
Sales turnover eased in Otago during March with 421 houses sold, down on the 466 and 480 sales recorded in February 2005 and March 2004 respectively. The median price achieved grew by $15,000 to reach $219,000 (February 2005: $204,000; March 2004; $180,000). The median price for a section in the region reached $117,000 in March.
In Dunedin City the median price eased to $215,000 in March (February 2005: $216,500; March 2004: $180,000). In total, 239 houses sold in the area, down on the 278 and 324 sales generated in February 2005 and March 2004 respectively.
In Central Otago, sales volume increased slightly, with 78 houses changing hands, ten more than the 68 sold in February 2005 (March 2004: 62). The median price attained for these sales increased to $308,750, up from $302,500 in February (March 2004: $257,500).
The median price for a home in Northern Otago improved by $15,000 to reach $155,000 in March (February 2005: $140,000; March 2004: $160,000). In total 61 houses sold in the area, two less than the 63 sold in the previous month, and seven more than the 54 sold in March 2004.
The median price for a house in Southern Otago increased by $6,000 to reach $141,000 in March (February 2005: $135,000; March 2004: $66,000). In total, 28 houses sold; down on the 44 sold in February 2005 (March 2004: 27).
Sales increased marginally in Eastern areas of Otago, with 15 houses changing hands during the month, up from 13 in February. The median sales price achieved for these sales improved substantially from $162,000 in February to $180,000 in March (March 2004: $160,000).
Southland
The median price for a residential property in Southland rose by $6,000 to reach $147,000 in March (February 2005: $141,000; March 2004: $120,000). Sales volume eased, with 333 houses changing hands (February 2005: 365; March 2004: 401). It took an average of 28 days for a house to sell in this region during March, well down on the 39 days it took in February.
19 April 2005
Higher End Property Sales Drive Residential Median
Up Further
A switch to higher end market residential property sales saw the residential property median price rise by more than $10,000 nationally during March according to the National President of the Real Estate Institute of New Zealand (Inc), Mr Howard Morley.
The national median selling price increased from $269,200 in February to a new record of $280,000, a sharp increase by normal standards, according to Mr Morley.
“Despite predictions otherwise, the latest increases show beyond doubt that the residential property market is in good heart with the regions, rather than the major centres, contributing much of the overall price increases in the last year.
“In fact the year-on-year figures show that if anything Auckland and Wellington have been dragging the market back with Auckland up 16.25 per cent on March 2004 and Wellington recording a 10.72 per cent year-on-year increase, whereas the national total increase is 16.42 per cent with six of the eleven regions showing 20 per cent plus increases. Taranaki leads the field with a 46.64 per cent increase.”
Total property sales increased from 10,231 in February to 10,398 in March 2005, however the latest figures are predictably lower than the March 2004 volume of 11,371.
Sales of properties in the $400,001 to $600,000 category increased by more than 200 from 1,464 in February to 1,698 in March, while sales of properties in the over $600,000 sector also increased by more than 200 from 710 in February to 913 in March, compared with 692 in March 2004.
Sales at $400,000 and under fell from 8,057 in February to 7,787 in March, well below the March 2004 figure of 9,356.
“This tends to indicate that the lower end of the market is happy to sit on recent gains rather than trade up, with rising interest rates more likely to have an impact on this end of the market. The upper end market seems to be getting stronger and, of course, is probably less affected by interest rates and more likely to finance acquisitions through fixed rate mortgages.”
Around the regions in March, Northland showed a solid gain up from $219,000 in February to $240,000 in March, while Auckland rallied after a period of subdued activity with its median up from $355,000 to $372,000.
Waikato/Bay of Plenty/Gisborne produced a smaller increase from $245,000 in February to $248,000 while Hawkes Bay, after a sustained period of growth in 2004, eased slightly from $242,500 to $240,000.
Manawatu/Wanganui was also slightly down from $155,500 in February to $155,000, but Taranaki continued its remarkable run with an increase from $193,000 in February to reach $220,000 in March.
Wellington was up from $276,750 to $289,000 and Nelson/Marlborough rose from $275,000 to $287,000.
Canterbury/Westland continued its strong recent surge with an increase from $231,000 to $249,000 and Otago performed similarly, rising from $204,000 in February to $219,000 in March.
Southland followed earlier progress with an increase from $141,000 in February to $147,000.
-ends-
For further information contact:
Howard Morley, National President
The Real Estate Institute of New Zealand Inc
(021) 965 581
(09) 307 1700
OR
Klaus Sorensen
(029) 232 2576
(09) 307 4670
Real estate information is also available via the Institute's official property directory - RealENZ - on the Internet. RealENZ is a search facility providing comprehensive information on residential, lifestyle, rural, commercial, investment and rental properties. RealENZ's Internet address is: www.realenz.co.nz
Regional Highlights
Northland
The median price for a residential property in Northland increased in March to $240,000. This is up on both the $219,000 and $205,000 median prices recorded in February 2005 and March 2004 respectively. Sales volume eased during the month, with 297 dwellings sold (February 2005: 317; March 2004: 355). It took a median of 36 days for a house to sell in the region in March, down from 48 in February.
Auckland
The number of houses sold in Auckland during March increased, with 3,651 sales recorded. This is 325 more than the 3,326 sold in February 2005. The median price attained for an Auckland home also increased reaching $372,000, up from $355,000 in February. In March 2004, 3,881 houses sold with a median sales price of $320,000.
On the North Shore, the median price for a house continued to climb, reaching $443,000 in March (February 2005: $420,000; March 2004: $389,000). In total 677 houses changed hands during the month, up on the 650 sales recorded in February (March 2004: 681).
In total, 537 houses sold in Waitakere in March. This is a substantial increase on the 485 houses sold in February 2005. The median price attained for these sales was $318,000, up on the $293,000 median price recorded in February. In March 2004, 526 houses sold with a median sales price of $274,500.
The median price for a residential property in Auckland City rose to $435,000 in March (February 2005: $385,000; March 2004: $358,000). In total 1,138 houses sold in this area during the month, a significant improvement on the 1,007 sales achieved in the previous month (March 2004: 1,361).
The median price for a residential property in Manukau improved to reach $340,000 in March (February 2005: $325,000; March 2004: $295,000). In total 809 houses changed hands during the month, up from 691 in February 2005 and 730 in March 2004.
Papakura’s median price increased to reach $275,000 in March (February 2005: $269,250). In total 89 houses sold, slightly down on the 112 sales recorded in the previous month. In March 2004, 134 houses changed hands with a median sales price of $235,000.
Metropolitan Auckland’s sales volume increased significantly in March, with 3,250 residential properties sold (February 2005: 2,945; March 2004: 3,432). The median price attained for these sales increased also, reaching $375,000, up from $355,000 in February (March 2004: $322,000).
Waikato/Bay of Plenty/Gisborne
The median price for a property in the Waikato/Bay of Plenty/Gisborne area improved by $3,000 during the month to reach $248,000 (February 2005: $245,000; March 2004: $200,000). Sales volume decreased though, with 1,766 properties changing hands during the month (February 2005: 1,789; March 2004: 1,860).
Sales volume increased in Hamilton City in March, with 456 houses selling. This is 61 more than the 395 houses sold in February 2005 and 104 more than the 352 that sold in March 2004. The median price achieved for March sales reached $252,750 (February 2005: $250,000; March 2004: $200,000).
In total, 350 houses sold in Waikato Country during the month, an increase of nine on the 341 sales recorded in February 2005 (March 2004: 352). The median price attained for these sales eased to $169,000 in March (February 2005: $174,000; March 2004: $142,750).
The median price for a home in the Mt Maunganui/Papamoa areas eased on a monthly comparative basis to $380,750 in March (February 2005: $383,000; March 2004: $340,000). In total 148 houses sold during the month, four more than the 144 sold in February, and 17 less than the 165 sold in March 2004.
The median price for a house in Tauranga increased to $323,500 in March (February 2005: $297,500). In total 222 houses sold during the month, down on the 249 sales recorded in February. In March 2004, 282 houses sold in Tauranga with a median sales price of $258,500.
Sales volume rose in Rotorua, with 224 houses selling during March, up on February 2005’s 181 sales and March 2004’s 166 sales. The median sales price achieved eased to $166,000 (February 2005: $170,000; March 2004: $143,400).
The median price attained for a residential property in Taupo improved in March 2005 to reach $314,150 (February 2005: $300,000; March 2004: $272,000). In total 78 houses sold during the month, down from 93 in February (March 2004: 91).
Gisborne City’s median price continued to rise, reaching $186,000 in March (February 2005: $165,000; March 2004: $121,500). In total 65 houses sold in the city in March, down from 79 in February (March 2004: 96).
Hawkes Bay
The number of residential properties sold in the Hawkes Bay eased in March 2005, with 345 houses sold, down on the 361 and 364 properties sold in February 2005 and March 2004 respectively. It took an average of 32 days for a home to sell in the region during the month, down from 36 in February. The median sales price eased slightly during the month to $240,000 (February 2005: $242,500; March 2004: $195,000).
Manawatu/Wanganui
The median price for a residential property in the Manawatu/Wanganui region eased slightly to $155,000 in March 2005 (February 2005: $155,500). Sales turnover rose with 504 residential properties sold (February 2005: 498). In March 2004, 587 houses sold with a median sales price of $128,000. The median price for a section in the region was $88,000 in March 2005.
Taranaki
Sales volume improved on a month-by-month basis in March in this region, with 269 homes sold (February 2005: 253; March 2004: 303). The median sales price achieved during the month increased to $220,000, an improvement on the $193,000 and $150,026 median sales prices achieved in February 2005 and March 2004 respectively.
Wellington
The median price attained for a house in Wellington increased to $289,000 in March 2005 (February 2005; $276,750; March 2004: $261,000). In total, 1,002 homes changed hands, down from 1,102 the month prior (March 2004: 1,207).
In the Hutt Valley, the median price attained increased to $247,500 up from $240,000 the month prior. In total 166 houses changed hands during the month, down on the 227 sales recorded in February 2005. In March 2004, 232 houses sold with a median sales price of $224,000.
Sales volume eased slightly in Wellington’s Northern Suburbs during the month, with 121 sales recorded (February 2005: 123; March 2004: 136). The median sales price achieved during the month improved by $41,000 to reach $361,000 (February 2005: $320,000; March 2004: $304,050).
In the Western Suburbs the median price recorded in March 2005 remained unchanged from the $375,000 median price recorded in February 2005. In total, 39 houses were sold in the area, down from 53 the month prior. In March 2004, 64 houses sold with a median sales price of $406,750.
The median price for a property in Southern Wellington increased in March to $386,000 (February 2005: $364,000; March 2004: $352,500). In total 47 houses were sold during the month, 21 less than 68 sold in February (March 2004: 72).
Sales turnover decreased in Eastern areas of Wellington in March, with a total of 50 houses selling during the month, down on the 63 sales recorded in February 2005. Despite this, the median sales price achieved on these sales improved to $398,250 (February 2005: $390,000). In March 2004, 64 houses sold with a median sales price of $392,500.
In Central Wellington, the median price achieved for residential property reached $410,000, a substantial improvement on the $351,000 and $331,900 median sales prices achieved in February 2005 and March 2004 respectively. In total 84 houses were sold during the month, up on the 82 sold in February 2005, whilst remaining down on the 108 sales recorded in March 2004.
Nelson/Marlborough
The median price for a home in the Nelson/Marlborough region increased to $287,000 in March 2005, up from $275,000 in February (March 2004: $275,000). Sales volume also improved, with 339 sales recorded during the month, up on the 307 and 263 sales recorded in the previous month and year respectively.
The median price for a home in the Marlborough Sounds decreased to $390,000 in March, down from $508,000 in February. In total, six homes sold in the area during March, one more than the five sold in February 2005. In March 2004, six houses sold in the Marlborough Sounds with a median sales price of $507,500.
In total, 110 houses changed hands in the Marlborough/Kaikoura areas in March, up from 102 in February. The median price attained for these sales eased to $240,000 (February 2005: $243,500). In March 2004, 97 houses sold with a median sales price of $250,000.
The median price attained for a house in Nelson increased by $11,400 to reach $311,400 in March (February 2005: $300,000; March 2004: $275,000). In total, 223 houses changed hands, up on the 200 and 160 sales recorded in the previous month and year respectively.
Canterbury/Westland
The median sales price for a residential property in the Canterbury/Westland region increased to $249,000 in March 2005 (February 2005: $231,000). Sales volume improved also with 1,471 houses sold, up on the 1,447 houses that sold in February 2005. In March 2004, 1,670 residential properties sold with a median sales price of $198,000. It took an average of just 22 days for a house to sell in this region in March, 8 less than the 30 median days recorded in February.
In Christchurch’s Central City the median sales price increased to $300,000 during the month of March 2005 (February 2005: $262,500; March 2004: $245,000). In total, 41 houses sold in the area during the month, down on the 47 sales recorded in both February 2005 and March 2004.
Sales turnover improved in North Eastern areas of Christchurch, with 89 house sales recorded, up from 63 in February. The median sales price attained for these sales increased also, reaching $280,000 (February 2005: $258,000). In March 2004, 84 houses sold with a median sales price of $220,000.
In total 30 houses sold in the West Inner areas of the city in March, slightly down on the 39 sold in the previous month (March 2004: 58). The median sales price achieved on the 30 sales eased to $235,000 (February 2005: 242,500; March 2004: $233,750).
Sales volume rose in the West Outer suburbs of Christchurch, with 46 residential properties changing hands during March (February 2005: 38; March 2004: 50).The median sales price achieved eased to $210,000 in March (February 2005: $223,500; March 2004: $180,000).
In North Western Inner suburbs the median price decreased to $435,000, down from $456,000 in February. In total 89 houses sold during the month, up on the 77 sales recorded in the month prior. In March 2004, 87 houses sold with a median sale price of $386,000.
In Christchurch City the median price grew by $20,000 to reach $270,000 in March (February 2005: $250,000). In total 992 houses sold during the month, 34 more than the 958 that sold in February. In March 2004 1,062 dwellings sold with a median sales price of $227,000.
Otago
Sales turnover eased in Otago during March with 421 houses sold, down on the 466 and 480 sales recorded in February 2005 and March 2004 respectively. The median price achieved grew by $15,000 to reach $219,000 (February 2005: $204,000; March 2004; $180,000). The median price for a section in the region reached $117,000 in March.
In Dunedin City the median price eased to $215,000 in March (February 2005: $216,500; March 2004: $180,000). In total, 239 houses sold in the area, down on the 278 and 324 sales generated in February 2005 and March 2004 respectively.
In Central Otago, sales volume increased slightly, with 78 houses changing hands, ten more than the 68 sold in February 2005 (March 2004: 62). The median price attained for these sales increased to $308,750, up from $302,500 in February (March 2004: $257,500).
The median price for a home in Northern Otago improved by $15,000 to reach $155,000 in March (February 2005: $140,000; March 2004: $160,000). In total 61 houses sold in the area, two less than the 63 sold in the previous month, and seven more than the 54 sold in March 2004.
The median price for a house in Southern Otago increased by $6,000 to reach $141,000 in March (February 2005: $135,000; March 2004: $66,000). In total, 28 houses sold; down on the 44 sold in February 2005 (March 2004: 27).
Sales increased marginally in Eastern areas of Otago, with 15 houses changing hands during the month, up from 13 in February. The median sales price achieved for these sales improved substantially from $162,000 in February to $180,000 in March (March 2004: $160,000).
Southland
The median price for a residential property in Southland rose by $6,000 to reach $147,000 in March (February 2005: $141,000; March 2004: $120,000). Sales volume eased, with 333 houses changing hands (February 2005: 365; March 2004: 401). It took an average of 28 days for a house to sell in this region during March, well down on the 39 days it took in February.
Apr 19th 2005, 10:02 pm
#2
BE Enthusiast
Joined: Jan 2003
Location: Hawkes Bay
Posts: 359
Re: Latest property news from www.reinz.co.nz
Just as I put my house on the market with thoughts of moving to Northland the prices start to leap ahead there. I imagine the big rises are with the coastal properties. The missus will have to change her ideas about a sea view - will have to make do with the view from my dive boat!!
From my earlier Estate Agent Thread we put the house on the market last Thursday with Open Homes over the weekend. Had about 14 groups through including appointments. Pretty good so far.
However we decided with no price, but negotiations to suss out what people were prepared to pay. Typically everyone reckoned that the house was worth $550K (you would wouldn't you as you want a bargain). We bought 18 months ago and have estimated with 40% rise in the local market we would get $650K.
So it is now on for high 600s so there should be no confusion and save me hoovering for every bargain hunter wanting an oggle at my real estate. The dog loves us selling houses as she gets a bone in the garden everytime we get a viewing. However she has now got terrific wind which is good enough reason to reduce the timewasters viewing with the price hoyk!
Roger
From my earlier Estate Agent Thread we put the house on the market last Thursday with Open Homes over the weekend. Had about 14 groups through including appointments. Pretty good so far.
However we decided with no price, but negotiations to suss out what people were prepared to pay. Typically everyone reckoned that the house was worth $550K (you would wouldn't you as you want a bargain). We bought 18 months ago and have estimated with 40% rise in the local market we would get $650K.
So it is now on for high 600s so there should be no confusion and save me hoovering for every bargain hunter wanting an oggle at my real estate. The dog loves us selling houses as she gets a bone in the garden everytime we get a viewing. However she has now got terrific wind which is good enough reason to reduce the timewasters viewing with the price hoyk!
Roger
Apr 20th 2005, 4:17 am
#3
Banned
Thread Starter
Joined: Aug 2002
Posts: 7,613
Re: Latest property news from www.reinz.co.nz
Bloomin' Dunedin hasn't gone up for 6 months, maybe it already peaked. 
Maybe we need to get a few more immigrants in, Ausralia just said they want an extra 20,000 this year so all NZ has to do is follow suit and they all need to live somewhere, don't they?
Maybe we need to get a few more immigrants in, Ausralia just said they want an extra 20,000 this year so all NZ has to do is follow suit and they all need to live somewhere, don't they?
