Manukau housing market slowing down

Thursday 10 June 2004

The housing market is one of the main factors contributing to Manukau's economic prosperity, and it is slowing down.

By The Landlord

Economists at the Manukau City Council and sales figures over the past year show the housing market is showing signs of slowing at a moderate rate.

Figures from the Real Estate Institute of New Zealand show a year ago in April houses in the eastern beaches area were selling for a median price of $370,000 and six months later in October for $425,000.

For April this year the median sale price has not moved, remaining at $425,000.

From April 2002 to the same time in 2003 median sale prices for houses in the area rose by about 26 per cent but they only increased by about 14 per cent from 2003 to this year.

The eastern beaches area covers Beachlands, Maraetai, Umupuia, Whitford, Howick, Highland Park, Pakuranga and Bucklands Beach.

The gentle slowing trend is expected to continue over the next quarter but not enough to cause any major problems for the city.

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