Housing cycle on a plateau

The median house price fell in December in a move which some might see as a bit of heat going out of the housing market but which is more likely due to a rogue figure in Wellington as a result of the holiday slowdown.

Certainly, activity fell in all but one region, Hawkes Bay, compared with November, according to the latest Real Estate Institute figures. Compared with December 2002, activity was up in all regions except Wellington and Nelson/Marlborough.

The national median house price dropped from $235,000 in November to $229,000 in December with Wellington’s median price plummeting from $262,000 to $240,500. That was still up on the $215,000 median price for Wellington in December 2002. The number of houses sold in Wellington dropped from 1,127 in November to 857 in December and that was also down on the 892 houses sold in the region in December 2002.

Read More - Opens in a new window