Housing figures paint a mixed picture
Monday 20 September 2004
The latest housing market figures continue to show a mixed picture with the national median house price slipping and the number of days it takes to sell a house creeping up but the number of sales rose.
By The Landlord
The median house price has slipped from a record $249,000 in July to $247,000 in August, Real Estate Institute figures show, although that was 14.9 percent higher than in August last year.
Institute president Howard Morley says there was increased demand for less expensive properties in August coupled with a slower market for more expensive properties so the figures don't necessarily add up to a slowing market.
"While the market appears to have retreated, it has to be considered that July saw a strong increase in the median especially because of a big jump in Auckland median prices.
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Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.