Property prices defy predictions
Tuesday 23 March 2004
Property prices in Canterbury and Westland leapt last month in defiance of the forecast slow-down in the real estate market.
By The LandlordFigures 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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There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.