Property prices and sales on the up in October
Thursday 18 November 2004
The residential property market is proving to be a bubble that won't burst, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).
By The Landlord
REINZ said monthly sales volumes were up and median selling prices rose to a new record high in October, defying predictions of a softening property market.The national median selling price hit $252,500 in October, up from $250,000 in September. Sales rose to 8191 in October, up from 7854. It also took less time to sell properties, with median days to sell down from 31 to 30.
On an annual basis prices were up 11.23 per cent from the $227,000 median of October last year, but sales were well down from the previous year's 10,923.
REINZ president Howard Morley said it looked like the lower end of the market was recovering more quickly than the top end of the market.
Read More - Opens in a new window
Commenting is closed
House Prices
House price drops are short-lived - Alexander
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Commercial
Resilience needed in face of change
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgages
Bank LVR limits on hold
Banks have not relaxed loan-to-value ratio limits for investors, despite the Reserve Bank's move to scrap LVR rules.
