Housing market takes sudden plunge
The housing market's "second wind" ran out of puff in April. Fresh sales figures show prices fell sharply in central Wellington and volumes in the traditionally soft autumn month slumped to their lowest level in four years.
Thursday, May 19th 2005, 7:20AM
by The Landlord
After months of surprising strength because of a mortgage price war late last year, prices fell sharply across the country in April, figures from the Real Estate Institute show.The national median house price fell 3 per cent to $272,000 from a record $280,000 in March, and the median price for Wellington fell 5 per cent to $275,000.
But the overall figure for Wellington disguised a slump in prices and volumes in central Wellington. The median price for central Wellington properties fell 23 per cent to $316,000 in April from $410,000 in March and is back to the level of a year ago. Central Wellington sales fell to 58 from 84 in March and 83 a year ago.
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