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 Landlord

Real 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.

Read More - Opens in a new window
Commenting is closed

House Prices

No stopping Capital price rises

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.


NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.


LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer