Prices, sales slowing

Monday 4 October 2004

The eastern suburbs housing market is levelling off.

By The Landlord

Real Estate Institute figures for August put the median sale price for houses in the Eastern Beaches area at $431,500. This is a 7.9 per cent increase over last August's median of $400,000.

But the increase is much smaller than in previous years. There was a 19.6 per cent increase between August 2002 and 2003 and a 16.3 per cent increase between August 2001 and 2002.

The total number of sales has fallen with 262 for the month, down from 340 in August 2003 and 324 for the same month in 2002.

Houses are also taking longer to sell. The figures show houses sold in August this year had been on the market for an average of 47 days, nearly twice as long as last August when the average was 26 days. In August 2002 the average was 28 days.

The Eastern Beaches area covers Pakuranga, Highland Park, Bucklands Beach, Howick, Beachlands, Maraetai and Umupuia.

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