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House prices get new lease of life in April

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  • House prices get new lease of life in April

    House prices get new lease of life in April

    16.05.06 3.40pm

    New Zealand house prices reached a fresh high in April -- defying predictions of a market slowdown, although sales figures were down as Easter and Anzac holidays kept buyers away.

    Real Estate Institute of New Zealand (REINZ) figures out today showed the national median house price rose to a record $305,000 in April, from $302,000 in March and $272,000 in the same month a year ago.

    Total sales dropped from 10,094 in March to 7576 in April due to the unusually short working month.

    "With just 17 working days in April, one of which was sandwiched between two holidays, it's no wonder turnovers were down," REINZ national president Howard Morley said.

    Mr Morley said the market had been hard to pick so far this year, but was proving "reasonably determined in terms of values".

    "Overall confidence doesn't seem to have deteriorated greatly," he said.

    Of the 12 regions surveyed, eight experienced rises in median prices and four experienced falls.

    Houses were taking longer to sell, moving from an average of 28 days in April 2005 to 34 days last month, Mr Morley said, confirming that the overall market trend in 2006 was one of "gradual slowing".

    Among the main metropolitan areas, Auckland city house prices rose to $430,000 from $410,000 in March; Wellington central prices eased to $407,750 from $425,000 in March; and Christchurch central prices rose sharply to $390,000 from a March median of $310,000.

    In terms of annual price growth, Taranaki led with a 47.56 per cent increase, followed by Manawatu and Wanganui on 22.58 per cent, and Wellington with a 21.81 per cent gain.

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  • #2
    Interesting post Muppet

    Interesting post Muppet,cheers