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.
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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.
Take note, investors: It is "quite possible" fixed rate mortgages have hit their lowest point in this cycle, according to economists at ASB.