Housing sales and prices dip in July

The latest Real Estate Institute housing sales figures and prices show the market weakened slightly in July from June but again showed an improvement in activity compared with the same month last year.

Monday, August 20th 2001, 4:54AM

by Jenny Ruth

Still, the median price figures suggest the Reserve Bank needn’t worry about house price inflation.

The median house price fell from $177,000 in June to $170,000 in July which equalled the median price in July last year.

Real Estate Institute president Rex Hadley interprets the figures as showing stable prices.

"During 2001, the national median price has moved up and down each month by up to $8,000 but appears to be achieving a stability within this range," he says.

The institute’s figures show that while the number of houses sold nationally fell from 6,147 in June to 6,122 in July, that was up from only 5,168 houses in July last year.

Nevertheless the numbers sold each month have been declining from the 6,506 houses sold in April this year. And the July number is well down on the 7,393 houses sold in July 1997.

The total value of sales fell from $1.3 billion in June to $1.25 billion in July, but that was well up on the $1.06 billion sold in July last year.

On a regional basis, five of the 11 regions saw the July median price increase from June while the other six regions experienced declines. Compared with July last year, the median price rose in seven of the regions, fell in three and was unchanged in the other.

Compared with June, activity rose in seven of the regions and fell in four. Compared with July last year, activity rose in all but one of the regions. The odd one out was Wellington where sales fell from 791 in July last year to 777 this July.

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR JULY 1996-2001

REGION JULY 96 JULY 97 JULY 98 JULY 99 JULY 00 JUNE 01 JULY 01

Northland
117,750
134,500
141,500
139,000
130,000
158,000
160,000

Auckland
222,500
238,000
226,500
232,000
231,000
253,000
239,000

Waikato/BOP/Gisborne
130,500
151,000
152,250
152,000
155,000
157,500
162,000

Hawkes Bay
120,000
122,500
118,000
120,875
116,000
126,000
135,000

Manawatu/Wanganui
97,500
99,250
90,000
100,000
110,000
101,500
105,000

Taranaki
94,750
95,000
95,000
92,000
96,000
92,000
96,750

Wellington
138,500
155,000
160,000
178,500
183,000
195,000
190,000

Nelson/Marlborough
130,750
136,500
138,000
142,000
147,000
154,000
145,000

Canterbury/Westland
130,000
140,000
143,500
146,000
140,000
140,000
136,000

Otago
100,000
95,500
90,500
95,000
94,500
100,000
94,500

Southland
75,000
71,000
74,500
83,000
72,500
65,000
84,000

NZ Total
$147,000
$162,000
$165,000
$167,000
$170,000
$177,000
$170,000