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Property prices defy predictions

Property prices in Canterbury and Westland leapt last month in defiance of the forecast slow-down in the real estate market.

Tuesday, March 23rd 2004

Figures released yesterday by the New Zealand Real Estate Institute show the median house price in the region rose from $185,000 in January to $200,000 in February – the most noticeable rise in the country.

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

Sales rose from 8404 to 9940. Although a rise compared with the quieter holiday period might be expected, sales were also up on the 9624 recorded in February 2003.

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