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
No stopping Capital price rises
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.
Commercial
NZ proptech start-up scores major investor
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
Mortgages
LVR limits slow down investors
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.
