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Slowdown in house prices

Number of properties worth more than $600,000 has fallen; Real Estate Institute says gloomy predictions may be to blame

Friday, February 20th 2004

There has been a big drop in the sale of higher-priced homes around the country.

The number of property sales worth more than $600,000 fell from 507 in December to 270 in January.

Sales of properties from $400,000-$600,000 dropped by a third.

In the major metropolitan areas, house sales in Auckland city are down from $396,750 in December to $364,000 in January, while metropolitan Auckland prices have fallen from $331,500 to $319,000. However, North Shore prices increased from $352,000 in December to $360,000 in January.

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