NZ residential market awaken from winter slumber
Wednesday 24 November 2004
Spring has arrived early for the New Zealand residential property market in October with increased sales and a new record national median selling price, according to the Real Estate Institute of New Zealand.
By The LandlordREINZ national president Howard Morley said the national median selling price in October was $252,500, an increase from the September record of $250,000.
REINZ sales figure show both sales and median days to sell improved with sales up from 7,854 in September to 8,191 in October, and median days to sell down from 31 to 30 in October.
The four largest regions, Auckland, Waikato/Bay of Plenty/Gisborne, Wellington and Canterbury/Westland all recorded increased median selling prices.
Around the country eight regions recorded an increase in the medians while three decreased.
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LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.