Regional Highlights

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The Real Estate Institute of New Zealand’s analysis of the real estate market for April, 2005.

Wednesday, May 25th 2005, 12:41PM

Northland

The median price for a residential property in Northland decreased in April to $230,000. This is down on the $240,000 median price recorded in March 2005 (April 2004: $200,000). Sales volume improved during the month, with 307 dwellings sold (March 2005: 297; April 2004: 318). It took a median of 33 days for a house to sell in the region in April, down from 36 in March.
Auckland

The number of houses sold in Auckland during April decreased, with 2,914 sales recorded. This is 737 less than the 3,651 sold in March 2005. The median price attained for an Auckland home also fell; down to $369,000 from $372,000 in March. In April 2004, 3,192 houses sold with a median sales price of $330,000. On the North Shore, the median price for a house eased to $405,000 in April (March 2005: $443,000; April 2004: $380,000). In total 589 houses changed hands during the month, down on the 677 sales recorded in March (April 2004: 576). In total, 395 houses sold in Waitakere in April, down on the 537 houses sold in March 2005. The median price attained for these sales was $315,000, slightly down on the $318,000 median price recorded in March. In April 2004, 448 houses sold with a median sales price of $275,000. The median price for a residential property in Auckland City dipped to $426,000 in April (March 2005: $435,000; April 2004: $388,000). In total 832 houses sold in this area during the month (March 2005: 1,138; April 2004: 1,070). The median price for a residential property in Manukau eased to $325,000 in April (March 2005: $340,000; April 2004: $305,000). In total 655 houses changed hands during the month, down from 809 in March 2005 (April 2004: 623). Papakura’s median price decreased to $249,000 in April (March 2005: $275,000). In total 95 houses sold, six more than the 89 recorded in the previous month. In April 2004, 114 houses changed hands with a median sales price of $227,000. Metropolitan Auckland’s sales volume decreased in April, with 2,566 residential properties sold (March 2005: 3,250; April 2004: 2,831). The median price attained for these sales dipped on a monthly comparison, to settle at $369,000, down from $375,000 in March (April 2004: $336,000).
Waikato/Bay of Plenty/Gisborne

The median price for a property in the Waikato/Bay of Plenty/Gisborne area fell by $4,000 to $244,000 in April (March 2005: $248,000; April 2004: $191,250). Sales volume decreased also, with 1,564 properties changing hands during the month (March 2005: 1,766; April 2004: 1,702). Sales volume eased in Hamilton City during the month, with 339 houses selling. This is 117 less than the 456 houses sold in March 2005 and 21 more than the 318 that sold in April 2004. The median price achieved for April sales reached $255,000 (March 2005: $252,750; April 2004: $208,500). In total, 315 houses sold in Waikato Country during the month, a slight decrease on the 350 sales recorded in March 2005 (April 2004: 387). The median price attained for these sales eased to $165,000 in April, $4,000 less than the $169,000 median price recorded in March 2005 (April 2004: $125,000). The median price for a home in the Mt Maunganui/Papamoa areas increased significantly in April, reaching $419,000 (March 2005: $380,750; April 2004: $349,500). In total 103 houses sold during the month, 45 less than the 148 sold in March, and seven less than the 110 sold in April 2004. The median price for a house in Tauranga increased to $325,000 in April (March 2005: $323,500). In total 205 houses sold during the month, down on the 222 sales recorded in March. In April 2004, 252 houses sold with a median sales price of $264,500. Sales volume dipped slightly in Rotorua, with 196 houses selling during April. This is down on the 224 houses sold in March 2005, and up on the 162 houses sold in April 2004. The median sales price achieved picked up, reaching $178,500 (March 2005: $166,000; April 2004: $151,500). Both median price attained and sales volume improved in Taupo in April. In total, 86 houses sold, up on the 78 and 73 sales recorded in March 2005 and April 2004 respectively. The median price achieved on these sales reached $332,500, up from $314,150 in March (April 2004: $285,000). Gisborne City’s median price eased in April to $167,000 (March 2005: $186,000; April 2004: $122,500). In total 81 houses sold in the city in April, an improvement on the 65 sold in March (April 2004: 88).
Hawkes Bay

The number of residential properties sold in the Hawkes Bay eased in April 2005, with 307 houses sold (March 2005: 345; April 2004: 348). It took an average of 33 days for a home to sell in the region in April, one more than in March. The median sales price eased by $10,000 to settle at $230,000 (March 2005: $240,000; April 2004: $210,000).
Manawatu/Wanganui

The median price for a residential property in the Manawatu/Wanganui region remained steady at $155,000 in April, the same as it was in March (April 2004: $128,000). Sales turnover dipped with 479 residential properties sold (March 2005: 504; April 2004: 487). The median price for a section in the region was $94,000.
Taranaki

Sales volume eased during April in this region, with 192 houses sold (March 2005: 269). The median sales price achieved eased on a month-by-month basis, falling to $162,637 (March 2005: $220,000). In April 2004, 227 houses sold with a median sales price of $140,000.
Wellington

The median price attained for a house in Wellington decreased from $289,000 in March to $275,000 in April (April 2004: $273,000). In total, 959 homes changed hands, down from 1,002 the month prior (April 2004: 1,059). In the Hutt Valley, the median price attained decreased to $241,000 (March 2005: $247,500). In total 259 houses changed hands during the month, up on the 166 sales recorded in March 2005. In April 2004, 214 houses sold with a median sales price of $235,000. Sales volume eased in Wellington’s Northern Suburbs in April, with 79 sales recorded (March 2005: 121; April 2004: 126). The median sales price achieved during the month improved by $29,000 to reach $390,000 (March 2005: $361,000; April 2004: $309,625). In the Western Suburbs the median price recorded in April increased to $410,000, up from $375,000 in March. In total, 51 houses sold in the area, up on the 39 sold the month prior. In April 2004, 55 houses sold with a median sales price of $372,000. The median price for a property in Southern Wellington eased in April to $370,156 (March 2005: $386,000; April 2004: $372,500). In total 41 houses changed hands during the month, six less than the 47 sold in March (April 2004: 75). Sales turnover decreased in Eastern areas of Wellington in April, with 37 houses sold. This is slightly down on the 50 and 67 sales recorded in March 2005 and April 2004 respectively. Despite the easing in volume, the median sales price achieved on these sales improved substantially to $470,000 (March 2005: $398,250; April 2004: $380,000). In Central Wellington, the median price achieved for a dwelling eased to $316,000 in April. This is down on the $410,000 median price attained in March 2005, and slightly up on the $313,000 median price recorded in April 2004. In total 58 houses sold during the month (March 2005: 84; April 2004: 83).
Nelson/Marlborough

The median price for a home in the Nelson/Marlborough region eased to $269,000 in April, down on the $287,000 median recorded in March 2005 (April 2004: $254,000). Sales volume eased also, with 234 sales recorded during the month (March 2005: 339; April 2004: 246). The median price for a home in the Marlborough Sounds rose significantly to $617,500 in April, well up on the $390,000 and $552,500 median prices achieved in the previous month and year respectively. In total, four homes sold during the month, two less than the six sold in March (April 2004: six). In total, 70 houses changed hands in the Marlborough/Kaikoura areas in April, 40 less than the 110 sold in March. The median price attained for these sales dipped by $1,000 to $239,000 (March 2005: $240,000). In April 2004, 96 houses sold with a median sales price of $220,000. The median price attained for a house in Nelson decreased to $290,000 in April (March 2005: $311,400; April 2004: $254,000). In total, 160 houses changed hands, down on the 223 and 246 sales recorded in March 2005 and April 2004 respectively.
Canterbury/Westland

The median sales price for a residential property in this region fell to $242,000 in April (March 2005: $249,000). Sales volume eased also with 1,235 houses sold, down from 1,471 in March. In April 2004, 1,268 houses sold with a median sales price of $197,750. It took an average of 24 days for a house to sell in this region in March, two more than in March. In Christchurch’s Central City the median sales price eased to $260,000 during April (March 2005: $300,000; April 2004: $207,000). In total, 31 houses sold in the area during the month, down on the 41 and 45 sales recorded in March 2005 and April 2004 respectively. Sales turnover dipped in North Eastern areas of Christchurch, with 67 house sales recorded, down from 89 the month prior. The median sales price attained for these sales decreased also, to $275,000 (March 2005: $280,000). In April 2004, 56 houses sold with a median sales price of $233,500. In total, 22 houses sold in the West Inner areas of the city in April, eight less than the 30 sold in March (April 2004: 37). The median sales price achieved on the 22 sales eased slightly to $229,500 (March 2005: $235,000; April 2004: $210,000). The West Outer suburbs of Christchurch were the only area in this region that demonstrated growth in both median price and sales volume in April. In total, 51 residential properties sold during the month (March 2005: 46; April 2004: 50). The median sales price achieved increased to $230,000 in April (March 2005: $210,000; April 2004: $189,500). In North Western Inner suburbs the median price eased to $417,500, down from $435,000 in March. In total 72 houses sold during the month, down from 89 the month prior. In April 2004, 75 houses sold with a median sale price of $375,000. In Christchurch City the median price fell by $10,000 to settle at $260,000 in April (March 2005: $270,000; April 2004: $221,000). In total, 800 houses sold during the month (March 2005: 992; April 2004; 819).
Otago

Sales turnover eased in Otago during April with 402 houses sold, down on the 421 sales recorded in March. The median price achieved also eased to $216,100 (March 2005: $219,000). In April 2004, 420 houses changed hands with a median sales price of $180,000. The median price for a section in the region reached $135,000 in April. In Dunedin City the median price eased to $210,000 in April, slightly down on the $215,000 median recorded in March (April 2004: $185,000). In total, 239 houses sold in the area, the same as was recorded in March (April 2004: 296). In Central Otago, sales volume increased slightly, with 79 houses changing hands, one more than the 78 sold in March 2005 (April 2004: 46). The median price attained for these sales increased to $342,000, well up on the $308,750 and $255,250 median sales prices achieved in March 2005 and April 2004 respectively. The median price for a home in Northern Otago continued to improve, reaching $162,000 in April (March 2005: $155,000; April 2004: $139,000). In total 39 houses sold in the area, down on the 61 that sold in March (April 2004: 36). The median price for a house in Southern Otago dipped slightly to $140,000 in April (March 2005: $141,000; April 2004: $110,000). In total, 34 houses sold; six more than the 28 sold in March (April 2004: 29). Sales eased slightly in Eastern areas of Otago, with 11 houses sold during April, four less than the 15 sold in March (April 2004: 13). The median sales price achieved for these sales improved decreased from $180,000 in March to $140,000 in April (April 2004: $170,000).
Southland

The median price for a residential property in Southland eased slightly in April to $144,500 (March 2005: $147,000; April 2004: $137,000). Sales volume eased, with 283 houses changing hands (March 2005: 333; April 2004: 327). It took an average of 25 days for a house to sell in this region during April, down from 28 in March.

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