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% 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.

There were 6604 sales of residential properties under $400,000, up from 6336. Sales in the $400,001 to $600,000 price band were relatively flat at 1405, compared to 1025 in September, while sales over $600,000 rose slightly from 493 to 542.

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