Otago property prices up 48pc on February '03
Tuesday 23 March 2004
Otago house values continued to rise in February, with prices 48 per cent higher than a year earlier, the highest increase in the country.
By The LandlordFollowing declining sales during December and January, the Otago market had "unexpectedly heated up again", Real Estate Institute Otago branch president Elizabeth Nidd said yesterday.
"There is pressure on stock again and properties are going out quickly," she said when contacted.
Auckland was up 10.9 per cent on its February 2003 median price at $310,6000 last month, Wellington up 18.6 per cent at $255,000 and central Christchurch prices up 6.1 per cent from $228,500 in February 2003 to $242,500 last month.
The median price of Otago homes increased from $118,000 in February 2003 to $175,000 last month. Otago sections rose 94.24 per cent in median price from $69,500 to $135,000.
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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.