House prices extend gains in September

The national median house price rose to $350,000 last month, from $346,750 in August, according to the Real Estate Institute of New Zealand (REINZ).

Prices have gained from $330,000 in September 2008. There were 6,464 sales in September, up more than 30% from the same month last year.

The number of days to sell a house fell to 33 from 34 in August and is down from 52 in September last year, the REINZ report showed.

The distribution of sales showed a pick-up in upper price brackets, with sales of properties of $1 million or more jumping to 216 from just 94 in September 2008.

Sales of houses under $400,000 rose to 3,897 from 2,968 a year earlier.

Looking at the regions, there were 139 houses sold in Northland, down from 126 in August, and the median house price fell to $285,000 from $295,000. The median house price in Auckland climbed to $455,000 from $450,000 in month earlier, with sales rising to 2,355 from 2,067 in August.

The median price in Waikato/Bay of Plenty/Gisborne fell to $315,000 from $317,000 with sales of 898 houses, up from 796. In Hawkes Bay, sales rose to 235 from 213 and the median price gained to $265,000 from $253,000.

Manawatu/Wanganui recorded a gain in median price to $225,250 from $210,000, with sales falling to 286 from 298. Taranaki's median price fell to $283,000 from $287,500 with sales picking up to 183 from 150,

In Wellington, the median price fell to $378,168 from $395,500 with 701 sales versus 622 in August. Nelson/Marlborough had 224 sales, up from 213 with the median price rising to $337,125 from $325,000.

In Canterbury/Westland, the median price rose to $311,500 from $295,000, with the volume of sales rising to 921 from 885.

Central Otago Lakes had 103 sales, up from 87, with the median price sinking to $405,000 from $435,000. In Otago, there were 275 houses sold in September, unchanged from August. Southland had 144 sales, little changed from 146 in August. The median price fell to $189,500 from $200,000.

For more on the regions, click here.