Regional Highlights - September
The Real Estate Institute of New Zealand’s analysis of the real estate market for September, 2005.
Thursday, November 3rd 2005, 9:14AM
Northland
A median price of $256,150 was recorded in Northland in September 2005, up on both the $250,000 median price recorded in August 2005 and the $195,000 median price recorded in the same month last year. In total, 271 houses changed hands during the month, five more than the 266 sold in August (September 2004: 273). It took 26 days for a property to sell in this region in September 2005, compared to 37 in August 2005.
Auckland
The median sales price for a house in the Auckland region increased to $379,000 in September, a $4000 increase on August’s result of $375,000. The number of dwellings sold increased to 3207, up from 2933 in August. In September 2004, 2689 houses sold with a median sales price of $336,000.
North Shore's median price maintained positive growth to reach $451,750 for the month – up on both the previous month’s median price of $438,000 and the median price of $393,675 recorded in September 2004. Sales volume followed this trend and increased also, with 540 sales recorded (August 2005: 477; September 2004: 464).
The median price for a home in the Waitakere region was $333,500 in September, a $3500 increase on August’s median price of $330,000 (September 2004: $290,000). Sales turnover increased too, with 466 houses changing hands during the month, up from 403 in August, and up on the 370 sales recorded in September 2004.
Sales volume increased in Auckland City in September, with 1023 sales recorded, up on both August’s 980 sales and September 2004’s 819 sales. The median price eased slightly to $408,000, just down from $410,000 in August (September 2004: $385,000).
The median price for a house in Manukau increased on both a monthly and yearly comparative basis to reach $354,000 in September (August 2005: $349,500; September 2004: $315,000). Sales volume decreased marginally though, with 689 houses sold during the month, just one less than the 690 sold in August, though remaining well up on the 620 sales achieved in September 2004.
Sales turnover increased in Papakura in September, with 138 houses changing hands during the month, well up on both the 84 and 106 sales recorded in August 2005 and September 2004 respectively. Despite this, the median sales price eased slightly in September to $293,500, down from $304,000 in August (September 2004: $240,000).
The median price attained for a residential property in Metropolitan Auckland increased from $375,000 in August to $383,250 in September. Sales followed this trend and increased with 2856 properties changing hands, well up on the 2634 sold in August. In September 2004 2379 houses sold with a median sales price of $339,000.
Waikato/Bay of Plenty/Gisborne
The median price for a house in the Waikato/Bay of Plenty/Gisborne region increased to reach $265,000 in September, up from $263,000 in August. Sales volume also improved with 1546 house sales recorded, up from 1455 in August. In September 2004, 1349 houses sold with a median sales price of $212,500.
The median price for a house in Hamilton City eased to $280,000 in September, a $10,000 decrease on the $290,000 median price achieved in August (September 2004: $235,000). Sales eased also with 412 houses sold during the month, slightly down on the 424 sold in August (September 2004: 333).
Sales in the Waikato Country region rose to 311 from 292 in August. The median price attained in September eased slightly to settle at $187,000, down from $199,000 in August. In September 2004, 328 houses sold with a median sales price of $143,500.
The median price for a house in Mt Maunganui/Papamoa areas improved to reach $382,000 in September, up on the $377,500 and $367,000 median prices achieved in August 2005 and September 2004 respectively. In total, 105 houses sold during the month, an improvement on the 88 sales achieved in August (September 2004: 100).
The median price for a house in Tauranga increased by $20,000 to reach $325,000 in September (August 2005: $305,000; September 2004: $265,000). In total, 199 houses sold during the month, an improvement on the 185 and 170 houses sold in August 2005 and September 2004 respectively.
The median price in Rotorua improved to reach $190,000 in September, up from $185,000 in August. In total 167 houses sold during the month, two less than the 169 sold the month prior. In September 2004, 111 houses changed hands with a median sales price of $160,000.
Sales volume rose in Taupo in September, with 59 houses changing hands, 15 more than the 44 sold in August (September 2004: 57). The median price achieved on these sales eased however to $343,000, down from $368,500 in August (September 2004: $300,000).
Gisborne City’s median price improved to reach $188,000 in September, up from $164,000 in August. Sales activity was also on the rise, with 83 houses sold during the month, 11 more than the 72 sold the month prior. In September 2004, 51 houses sold in the Gisborne area with a median sales price of $131,000.
Hawke’s Bay
Sales increased in the Hawke’s Bay in September, with 343 houses sold during the month (August 2005: 290; September 2004: 277). The median price of $250,000 recorded in September was down on the $253,750 median achieved in August, but it remains well up on the $196,100 median price attained in September 2004.
Manawatu/Wanganui
The median price for a house in the Manawatu/Wanganui region increased to $175,000 in September, up on both the $173,000 and $146,000 median prices recorded in August 2005 and September 2004 respectively. In total 493 houses changed hands during the month, 20 more than the 473 sold in August and 96 more than the 397 sold in September last year. It took 23 median days for a house to sell in this region in September.
Taranaki
Both sales volume and median price improved in the Taranaki region in September with 991 houses sold, an increase on both the 886 and 736 houses sold in August 2005 and September 2004 respectively. The median price achieved on the 991 sales rose to $225,250, up from $216,000 the month prior (September 2004: $158,500). The median price for a section in the region eased to $99,750 in September.
Wellington
Wellington’s median sales price eased in September to $296,500 (August 2005: $308,100). Sales volume improved though, with 991 houses sold, well up on the 886 sold in August. In September 2004, 736 houses sold with a median sales price of $270,000.
The median price for a house in the Hutt Valley decreased to $260,000 in September (August 2005: $277,500). Despite the easing in price, sales volume improved with 211 houses changing hands during the month, well up on the 158 sold in August. In September 2004, 115 houses sold with a median sales price of $235,000.
Sales volume also increased in Northern Wellington, with 103 sales recorded during the month, up from 79 the month prior (September 2004: 108). The median price achieved on these sales slipped to $350,000, down from $398,000 in August, although this latest result remains significantly higher than the $301,500 median achieved in September last year.
The median price for a house in Western Wellington decreased by $4,000 to settle at $446,000 in September (August 2005: $450,000; September 2004: $434,500). 51 houses sold during the month, two less than the 53 sold in August (September 2004: 26).
Sales volume dipped slightly in Southern Wellington with 42 properties sold during the month, down from 50 in August (September 2004: 33). The median price achieved on these 42 sales fell to $375,000, down from $410,000 the month prior (September 2004: $356,000).
The median price for a house in Eastern Wellington increased to $433,000 in September, up on both the $407,500 median recorded in August and the $378,000 median recorded in September 2004. 54 houses sold during the month, down on the 64 sold in August but up on the 49 sold in September 2004.
Wellington Central’s median price eased to $382,500 in September, down from $443,000 in August. In total 79 houses were sold in this area, 14 less than the 93 sold in August. In September 2004, 70 houses sold with a median sales price of $311,000.
Nelson/Marlborough
The median price for a house in the Nelson/Marlborough region eased to $262,250 in September, slightly down on the $270,000 median recorded in August (September 2004: $249,500). In total, 230 houses changed hands during the month, three more than the 227 houses sold in August, and 16 more than the 214 sold in September 2004.
The median price for a house in Marlborough/Kaikoura crept up to reach $245,000 in September (August 2005: $242,500; September 2004: $225,500). In total 96 houses sold during the month, an improvement on the 87 and 94 that sold in August 2005 and September 2004 respectively.
Sales volume eased in Nelson during the month, with 128 sales achieved (August 2005: 138). The median price attained on these 128 sales reached $290,000, a $10,000 increase on August’s median price of $280,000. In September 2004, 116 houses sold with a median sales price of $280,000.
Canterbury/Westland
Canterbury/Westland’s median price eased to $259,000 in September, down from $260,000 in August (September 2004: $225,000). In total 1,214 residential sales were recorded during the month, slightly down on the 1,234 houses sold the month prior (September 2004: 1,079).
The median price for a house in the City Central increased substantially to reach $333,500, well up on the $263,250 and $241,500 median sales prices recorded in August 2005 and September 2004 respectively. In total 20 homes were sold during the month, six less than the 26 sold in August (September 2004: 34).
The median price for a house in North Eastern areas of Christchurch eased in September to $295,000 (August 2005: $297,500; September 2004: $240,000). Despite the easing price, sales improved with 72 houses sold during the month, up from 68 in August (September 2004: 62).
West Inner Christchurch’s median price eased to $261,000 in September, down from $318,000 in August. In total 25 houses sold during the month, three less than the 28 sold in August. In September 2004, 35 houses sold with a median sales price of $230,000.
Sales volume increased in West Outer Christchurch, with 58 sales recorded in September 2005 (August 2005: 52; September 2004: 42). The median price achieved on these 58 sales followed this positive trend and improved to reach $255,000, up from $240,000 in August (September 2004: $188,500).
The value of a residential property in North West Inner Christchurch fell in September to $403,500, down from $409,750 in August (September 2004: $397,500). In total, 34 houses sold during the month, down from the 58 sales recorded in both August 2005 and September 2004.
Christchurch City’s median price remained steady at $275,000 in September, the same as it was in August (September 2004: $237,000). 863 homes were sold in the area, ten more than the 853 sold in August and the 755 sold in September 2004.
Otago
The number of properties sold in the Otago region rose significantly with 335 houses changing hands in September, an increase of 74 on the 261 sales achieved the month prior. The median price attained for these sales also improved, reaching $220,000, up from $193,000 in August. In September 2004, 303 houses sold in the region with a median sales price of $177,000.
The median price for a house in Dunedin metro reached $237,000, a $27,000 increase on the $210,000 median recorded in August (September 2004: $191,000). 271 sales took place, a significant improvement on the 190 sales recorded in August (September 2004: 238).
Sales volume improved in North Otago during the month, with 42 dwellings changing hands, just up on the 40 sold in August. The median price achieved for these sales also improved to reach $153,500, up from $150,000 in August. In September 2004, 31 houses sold with a median sales price of $135,000.
The median price for a house in South Otago continued to increase to reach $129,500, up from $120,000 in August and $99,000 in September 2004. Despite the increase in price, sales eased slightly with 19 properties changing hands, five less than the 24 sold in August, and one less than the 20 sold in September 2004.
Sales volume eased in East Otago in September with three houses selling, down from seven in August (September 2004: 14). Median prices rose substantially though to reach $280,000, well up on the $140,000 median price attained in August and the $118,750 median price achieved in September 2004.
Central Otago Lakes
The median sales price for a house in the Central Otago Lakes region increased to $420,000 in September, up from $345,000 in August. Sales turnover remained steady with 102 sales achieved, the same number of properties that sold in August. In September 2004, 106 houses sold with a median sales price of $348,750.
The median price for a house in Central Otago improved substantially in September to reach $370,000, well up on the $267,000 and $265,000 median prices recorded in August 2005 and September 2004 respectively. In total 49 homes changed hands during the month, the same number that sold in both August 2005 and September 2004.
The median price for a house in Queenstown eased in September to $440,000, down from $465,000 in August. 53 homes were sold during the month in the area, the same number that sold in August. In September 2004, 57 houses sold with a median sales price of $405,000.
Southland
The median price for a house in the Southland region eased to $126,500 in September, down from $136,000 in August, although remaining up on the $113,500 median price achieved in September 2004. In total, 228 houses sold, up on both the previous month’s result, when 203 houses sold, and the September 2004’s result, when 220 houses sold. It took an average of 29 days for a house in Southland to sell in September, one more than the 28 days it took in August.
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