Housing market shivers as sales drop
Tuesday 20 July 2004
The real estate sector is feeling the chill of a cooling housing market, with a big drop in sales.
By The LandlordReal Estate Institute figures show that 1400 fewer houses were sold last month than at the same time last year.
The national median sale price fell to $243,000, down from $248,000 in May.
Houses are also taking slightly longer to sell, on average 31 days compared with 30 in May.
However, news for Wellington and Hawke's Bay home owners is good. The Wellington region median sale price is holding steady at $262,500, while Hawke's Bay prices have jumped from $195,000 in May to $219,000.
The fall in the national median price was mainly due to the effect of heavy sales of lower-priced apartments in Auckland, combined with the traditional winter slowdown, institute president Graeme Woodley said.
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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.