Nelson house prices slide again

Tuesday 23 March 2004

Nelson-Marlborough property prices have dropped for the second successive month as a well-stocked market undermines prices.

By The Landlord

The decline comes despite the national market showing few signs of flagging, the median price rising 1.4 percent last month.

Real Estate Institute Nelson Marlborough president Darryl Marshall reiterated what he said after January prices showed a drop in the region: it was too early to say whether the boom was over.

Just released figures show the region's median house price fell to $248,500 last month, down from $265,750 in January and more than $280,000 in the month before.

At the same time, the national median selling price rose from $227,750 to $231,000, with rises recorded in six regions and falls in four.

Nelson-Marlborough's slide ended its run as the region with the strongest year-on-year price increase, with Otago's 48.3 percent, Southland's 39.5 percent, and nearby Canterbury-Westland's 35.13 percent outpacing 24.3 percent growth in the top of the South Island.

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