Auckland wakens from slumber
The national median residential house price steadied during September, but the market showed signs of strengthening in confidence with Auckland putting in a strong performance, according to the latest Real Estate Institute of New Zealand (REINZ) residential real estate figures.
Tuesday, October 18th 2005, 8:09AM
The national median selling price was unchanged during September at $290,000 following the big August increase from $280,000 in July.
The REINZ figures, the first figures available to the end of September, show the national median price was up 16% from the September 2004 median of $250,000.
September sales were significantly up at 9186 compared with 8537 in August and well up on the September 2004 sales figure of 7855, while days to sell, having hovered over 30 days for some months, have improved, falling from 29 days in August to 27 days in September.
“A combination of strong sales, especially when compared with September 2004 and the drop in days to sell suggests a much stronger and more liquid market in September,” according to the national vice-president of REINZ, Mr Murray Cleland.
He said that the main reason for the unchanged median despite rising sales and falling days-to-sell appeared to be a shift to more sales under $400,000.
Mr Cleland said that of the 12 regions surveyed, seven produced rises and five declined, mostly in the southern regions, when compared to last month.
Auckland, previously a little subdued, stood out with an increase in its regional median from $375,000 in August to $379,000 in September on a strong increase in sales from 2933 in August to 3207 in September with days to sell down from 30 to 29 days.
Metropolitan Auckland was up from $375,000 in August to $383,250 in September.
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