House prices rise, but sales volume down
Wednesday 18 August 2004
House prices rose in July, but sales volumes fell, according to figures released today by the Real Estate Institute of New Zealand (REINZ).
By The LandlordThe national median selling price increased from $243,000 in June to $249,000 in July, just above the May median of $248,000.
But REINZ said the trends were uneven, with five of the 11 regions surveyed showing price increases, five showing declines and one region unchanged.
Year-on-year national median prices are up 17.86% with Taranaki and Otago sharing the lead among individual regions, both up 35% on the previous year.
Days to sell fell to 30 in July from 31 in June, while total sales volume fell from 8367 in June to 7802 in July.
REINZ national president Graeme Woodley said it was significant that most of the reduced turnover in properties occurred in the under $400,000 category - where July sales were down to 6337 from 6860 in June.
Read More - Opens in a new window
Commenting is closed
The property market recovery just keeps stepping up the pace, with QV’s latest data revealing that all sixteen of the major cities they monitor saw quarterly value growth in January.
Tightening credit conditions could impact on New Zealand’s booming commercial property market, according to the Property Council’s chief executive.
Heartland has expanded its reverse mortgage business and will now lend against investment properties and second homes, as the product becomes more popular in New Zealand.