House prices bounce back

Thursday 22 July 2004

Southern house prices rebounded from a drop in May to rise strongly last month, Real Estate Institute of New Zealand figures show.

By The Landlord

Median house prices in Southland and South Otago suffered the rare recent fall two months ago but it was business as usual in June.

Southland house prices rebounded 6 percent after an 8 percent fall in May. The median house price was $132,500 with 290 properties sold.

The median price represented an increase of 23 percent on June 2003 although seven fewer properties changed hands.

It took 24 days on average to sell a home in Southland in June, four more than in May, but four less than in June 2003.

Institute Southland president Ron Weir said yesterday 166 homes were sold in Invercargill in June at a median price of $120,000.

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