NZ house sales and prices rebound in March

Tuesday 20 April 2004

The New Zealand property market rebounded in March, with strong demand for blue chip properties and continued low interest rates driving up prices and property sales, the Real Estate Institute (REINZ) said on Tuesday.

By The Landlord

The industry group reported that its members sold 11,371 houses in March, 14 per cent more than in February and six per cent ahead of the same month last year.

The national median price rose four per cent to $240,500 from $231,000 in February, and was 20 per cent higher than March 2003.

REINZ national president Graeme Woodley said the market had risen strongly following subdued conditions in January and February.

A nearly three per cent fall in the median house price in December was followed by a 0.5 per cent fall in January and a one per cent rise in February.

"These latest figures will come as a surprise to quite a few people, particularly since the anecdotal information is that the market has been quieter," Woodley said.

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