Housing shows statistical glitch
Monday 26 January 2004
Further proof the housing market is easing comes in the latest REINZ monthly statistics.
By The LandlordCrunching the numbers shows the national median sales price dropped from $235,000 in November to $229,000 in December last year.
But Graeme Woodley, REINZ national president, says the institute doesn't believe there has been any wholesale weakening in the housing market and January's figures will show the traditional resurgence.
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.