Regional Highlights – July
The Real Estate Institute of New Zealand’s analysis of the real estate market for July, 2005.
Friday, August 26th 2005, 10:08AM
NorthlandA median price of $235,000 was recorded in Northland in July 2005, down on the previous month’s result of $244,750, although remaining well up on the $183,500 median price attained in July 2005. The number of houses sold eased to 210 for the month – down on both the previous month’s and year’s results (June 2005: 256; July 2004: 240). It took 32 days for a property to sell in this region in July, compared to 39 in June 2005.
Auckland
The median sales price for a house in the Auckland region eased slightly to $363,500 in July, a $3,000 decrease on June’s result of $366,500. The number of dwellings sold rose markedly to 2,960, up from 2,795 in June. In July 2004, 2,609 houses sold with a median sales price of $340,000.
North Shore's median price maintained positive growth to reach $434,000 for the month – up on both the prior month’s median of $425,000 and the median of $397,000 recorded in July 2004. Sales volume decreased, with 457 sales recorded (June 2005: 562; July 2004: 473).
At $330,000, the median price for a home in the Waitakere region increased on both the previous month’s and year’s results (June 2005: $327,250; July 2004: $293,000). Sales turnover eased, with 382 houses changing hands during the month, down from 426 in June, and up on the 365 sales recorded in July 2004.
Sales volume increased in Auckland City, with 968 sales recorded, up on both June 2005 and July 2004’s results of 900 and 832 respectively. Despite an increase in sales, the median price eased to $402,500, down from $420,000 in June (July 2004: $385,000).
The median price for a house in Manukau eased on a monthly basis to $330,000 in July. This is $10,000 less than the $340,000 median price achieved in June 2005, and $15,000 more than the median price recorded in July 2004.
Sales volume increased slightly, with 709 houses selling during the month, three more than the 706 that sold in June, and well up on the 541 houses sold in July 2004.
The number of sales recorded in Papakura rose in July 2005 to 136, eight more than the 128 houses sold in June 2005. The median price achieved on these sales increased also, reaching $255,000 (June 2005: $240,000). In July 2004, 103 houses sold with a median sales price of $230,000.
The median price decreased on a month-by-month comparison in Metropolitan Auckland from $371,750 in June 2005 to $368,000 in July 2005. Despite this, the area continued to demonstrate positive growth when compared to the $343,500 median recorded in July 2004. Sales turnover eased from the 2,722 sales recorded in June 2005 to 2,652 recorded in July (July 2004: 2,314).
Waikato/Bay of Plenty/Gisborne
Median prices for the Waikato/Bay of Plenty/Gisborne region eased slightly during July to $247,500, just $2,500 less than the $250,000 median price achieved in June 2005. Despite the decreasing in price, sales volume was up with 1,365 houses changing hands, up from 1,332 in June. In July 2004, 1,406 houses were sold with a median sales price of $201,750.
June saw Hamilton City’s median price fall by just over $7,000 to $260,000 (June 2005: $267,250; July 2004: $216,000). Sales volume improved steadily, with 322 sales recorded during the month, up on both the 271 and 286 sales recorded in June 2005 and July 204 respectively.
Sales in the Waikato Country region eased to 287 from the 292 and 306 sales recorded in June 2005 and July 2004 respectively. The median price in June 2005 improved to reach $185,000, up from $166,250 in June (July 2004: $135,000).
The median price for a house in Mt Maunganui/Papamoa areas eased in July to $355,000, down from $400,000 in June. Despite easing on a monthly comparison, July 2005’s result remains an improvement on the $345,000 median sales price achieved in July 2004. 65 sales took place in July, two less than the 67 sales achieved in June (July 2004: 101).
The median price in Tauranga gained ground on the previous month increasing to $333,000. This figure was above both the median for June 2005 of $315,000, and the median for July 2004 of $267,000. The number of properties sold eased to 158 during July 2005 (June 2005: 178; July 2004: 189).
The median price in Rotorua improved on the previous month’s result to reach in $197,000 in July 2005 (June 2005: $180,000; July 2004: $135,500). 169 properties changed hands during the month, up from 137 the prior month (July 2004: 170).
Sales volume more than doubled in July in Taupo, with 133 houses sold during the month, well up on the 54 that sold in June 2005, and the 74 that sold in July 2004. The median price eased to $205,000 in July (June 2005: $293,000; July 2004: $279,000).
Gisborne City’s median price continued to climb, reaching $206,000 in July. This result indicates positive growth on the $197,500 and $142,500 median sales prices achieved in June 2005 and July 2004 respectively. Sales volume dipped slightly with 63 houses sold, down from 68 in June. In July 2004 84 houses sold.
Hawkes Bay
Sales decreased slightly in the Hawkes Bay in July, with 269 houses sold (June 2005: 278; July 2004: 301). The median price of $250,000 attained in July is an improvement on both June 2005’s and July 2004’s median prices of $236,500 and $190,000 respectively. It took an average of 42 days for a house to sell in this region.
Manawatu/Wanganui
The median price for a house in the Manawatu/Wanganui region increased on both comparative periods to reach a new high of $169,500 (June 2005: $166,250; July 2004: $140,000). In total 438 properties changed hands during the month, up on the 394 sold in June, and just two less than the 440 sales generated in July 2004. The median days to sell in Manawatu/Wanganui remained unchanged at 28 days for both June and July 2005.
Taranaki
The number of properties that changed hands in Taranaki increased on a monthly comparison, with 206 houses sold in July, up from 183 in June (July 2004: 210). The median price continued to climb in the region reaching $216,000, up from $210,000 in June 2005 and $176,500 in July 2004.
The median number of days to sell a property in Taranaki was 28 days in July, down from 32 in June.
Wellington
Wellington’s median sales price eased in July to $295,250 (June 2005: $300,000). Despite the slight decrease in price, sales volume improved with 860 houses sold, up from 824 in June. In July 2004 753 houses sold with a median sales price of $265,000. It took an average of 27 days for a house to sell in Wellington, down from 29 in June.
The median price for a house in the Hutt Valley eased to $253,000 in July (June 2005: $276,500). 182 houses were sold, a substantial improvement on the 150 sales achieved in June. In July 2004, 154 houses changed hands with a median sales price of $240,500).
Sales volume also increased in Northern Wellington, with 113 sales recorded during the month, up on the 87 and 96 sales recorded in June 2005 and July 2004 respectively.
The median price followed this trend and increased to reach $370,000. This result demonstrates a steady improvement on both the June median price of $355,000 and the July 2004 median price of $292,064.
The median price Western Wellington continued to gain ground reaching $455,000 in July, up from $430,000 in June and $387,000 in July 2004. In total 37 houses sold during the month, two less than the 39 sold in June, and two more than the 35 sold in the same month a year ago.
Sales volumes eased in Southern Wellington with 50 properties sold during the month, 14 less than the 64 sold in June. Despite the easing in volume, the median price of $377,250 recorded in July was an improvement on both the June 2005 median price of $369,000 and the July 2004 median price of $350,000.
Eastern Wellington had a mixed month with sales volume easing against the previous month’s while remaining higher than the result generated in the previous year. In total 44 properties sold in July 2005, compared to 58 in June 2005 and 37 in July 2004. The median sales price attained on these sales improved by $1,000 to reach $383,500 (June 2005; $382,500; July 2004: $350,000).
Wellington Central failed to top last month’s median price, decreasing from $360,000 to $348,750 in July 2005. 64 houses sold during the month, 13 less than the 77 sold in June 2005, and seven more than the 57 sold in July 2004.
Nelson/Marlborough
The median price for a house in the Nelson/Marlborough regions reached $273,500 in July, an increase of $9,000 on June’s median price of $264,500. In total, 236 sales occurred during the month, down on June 2005’s result of 244, but remaining up on the 203 sales recorded in July 2004. The median price for a section in the area was recorded as $139,250 in July.
The median price increased, in Marlborough/Kaikoura in July 2005 to reach $258,500 (June 2005: $245,000; July 2004: $221,500). In total 88 houses sold during the month, three less than the 91 recorded in June 2005, and six more than the 82 sales recorded in July 2004.
Sales volume also eased in Nelson in July, with 144 sales occurring, down from 152 in June. The median sales price attained on these sales improved by over $11,000 to reach $283,000 in July (June 2005: $271,250). In July 2004, 119 houses sold in the Nelson region with a median sales price of $295,000.
Canterbury/Westland
Canterbury/Westland’s median price eased slightly to settle at $250,000 in July, a $5,000 decrease on the $255,000 median price recorded in June 2005 (July 2004: $216,000). In total 1,110 residential sales were recorded during the month, up on both the 1,095 and 1,068 sales recorded in June 2005 and July 2004 respectively.
A median price of $243,500 was recorded for a house in City Central during July 2005, down from $290,000 in June 2005 (July 2004: $285,000). In total, 27 houses were sold, six less than the 33 sold in the previous month. In July 2004, 51 residential properties sold in this area.
The median price for a house in North Eastern areas of Christchurch continued to ascend, reaching $307,500 in July 2005, compared to the $300,000 median recorded in June 2005, and the $242,000 median recorded in July last year. Sales eased on a monthly comparison with 55 sales recorded during the month, down on the 61 sold in June and up on the 46 sold in July 2004.
West Inner Christchurch’s median price gained new ground in July 2005, reaching $276,500. This is well up on the median price of $247,000 recorded in both June 2005 and July 2004. Sales also followed this trend, improving on both a monthly and yearly comparison. In total, 42 houses sold in July 2005, compared to 29 in June 2005 and 31 in July 2004.
Sales volume increased in West Outer Christchurch, with 45 sales recorded in July 2005 (June 2005: 36; July 2004: 33). The median price achieved on these 45 sales eased on a monthly comparison to $227,500, compared to $238,500 in June (July 2004: $194,000).
The value of residential property in North West Inner Christchurch rose by a substantial $65,000 to reach $400,000 in July 2005 (June 2005: $335,000; July 2004: $369,250). Sales dipped just slightly from 54 in June to 53 in July 2005 (July 2004: 66).
Christchurch City’s median price eased slightly during July 2005 to settle at $268,500. This is slightly down on June 2005’s median of $270,000, but remains well up on the $235,000 median price achieved in July 2004. In total 740 houses changed hands in July, three less than the 743 sales recorded in June 2005, and one more than the 739 sales recorded in July last year.
Otago
The number of properties sold in the Otago region decreased to 255 in July (June 2005: 312; July 2004: 284).
Despite the easing sales volume, the median price rose to $201,000, an improvement on both June 2005’s median price of $197,250 and July 2004’s median price of $170,000.
The median price for a house in Dunedin City eased to $215,000 in July 2005 (June 2005: $217,500; July 2004: $185,000). A total of 200 houses sold in this area – down from 218 in June and 216 in July 2004.
Sales volume eased in North Otago in July with 26 dwellings changing hands, compared to 50 and 32 in June 2005 and July 2004 respectively. The median price achieved for these sales also eased to $136,750, down from $165,000 in June (July 2004: $148,750).
The median price for a house in South Otago shot up in July to reach $215,000, a significant improvement on the $159,500 and $78,500 median sales prices recorded for June 2005 and July 2004 respectively. Sales volume didn’t follow this trend and eased, with 21 sales recorded during the month (June 2005: 34; July 2004: 29).
Both sales volume and median sales price eased in East Otago in July. In total, eight houses were sold during the month, two less than the ten sold in June. The median sales price slipped from $250,000 in June to $185,000 in July. In July 2004, seven houses sold with a median sales price of $115,000.
Southland
The median price for a dwelling in the Southland region continued its ascent to reach $138,500 in July (June 2005: $128,000; July 2004: $105,000). In total, 195 houses were sold in July, six less than the 201 that sold in June (July 2004: 216). The median price for a section in Southland was recorded at $65,000 in July.
Central Otago Lakes
The median sales price for a house in the Central Otago Lakes region eased to $350,000 in July, down from $395,000 in June. Sales turnover eased marginally, with 109 houses changing hands in July, one less than the 110 houses sold in June 2005. In July 2004, 82 houses sold with a median sales price of $345,500.
The median price for a house in Central Otago increased from $274,000 in June to reach $311,000 in July. Sales volume also followed this trend and improved, with 69 sales recorded during the month, 20 more than the 49 sales generated in June 2005. In July 2004, 47 houses sold with a median sales price of $290,000.
Queenstown continued to achieve ongoing growth with the median price rising to $432,500 (June 2005: $497,000; July 2004: $440,000). 40 houses were sold in July 2005, 21 less than the 61 sold in June, and five more than the 35 sold in July 2004.
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