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Property Management

South Island leads boom in housing

House prices rose sharply in October, and are forecast to head even higher as the booming housing market defies attempts to calm it down.

Wednesday, November 19th 2003

Home buyers snubbed Reserve Bank Governor Alan Bollard's warnings about the dangers of speculative property buying, continuing to spend during October, with the national median price rising 5.6 per cent to $227,000, from September.

The size of the monthly increase took even the Real Estate Institute (Reinz) by surprise, with president Graeme Woodley describing it as "remarkable".

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