House prices flat and falling

[The_General]

http://www.stuff.co.nz/stuff/0,2106,3705757a11,00.html

[David_W]

Statistics can be misleading and used to portray many differing stories. For example the headline could have said Auckland house prices continue to soar citing:

"In Auckland, the median price rose to $400,000 from $387,250 the month before, 8 per cent higher than the previous year. Sales were 21 per cent higher than in April."

The media are often sensationalists as people need some fear - result could be that the bad press that the property market received means less competition for us investors and traders to get better deals. So there may well be an upside anyway

[muppet]

Hi Guys

Here is the article from General's link in the above post.

I don't like being taken out of the Propertytalk Forum site.

House prices flat and falling
20 June 2006
By SUE ALLEN

House price rises stuttered to a halt last month, but the number of houses being sold is continuing to defy predictions of a wholesale slowing in the property market.


The median national house price was $305,000 last month, flat compared with a month earlier but still 11 per cent higher than last year's $275,000 median, Real Estate Institute figures show.

The market is consolidating, but the number of houses being sold proves it is still resilient, institute president Howard Morley said.

Of the 12 regions monitored in May, prices rose in half compared with a month earlier.

In Auckland, the median price rose to $400,000 from $387,250 the month before, 8 per cent higher than the previous year. Sales were 21 per cent higher than in April.

Median prices in Northland rose 6.3 per cent to $286,000, up 6.3 per cent. Waikato, Bay of Plenty and Gisborne rose 2.9 per cent to $283,000. Hawke's Bay was up 1.6 per cent to $250,000, while Otago was up 0.2 per cent to $218,500, and Southland was up 1.7 per cent to $130,000.

In Manawatu-Wanganui, median prices fell 1.4 per cent to $187,250. Taranaki prices were down 2.7 per cent to $233,500, while Nelson and Marlborough prices dropped 2.7 per cent to $290,000 and Central Otago Lakes dropped 2.3 per cent to $420,000.

Wellington sustained one of the biggest falls – 5.9 per cent to $315,000. Prices were flat in the Canterbury and Westland regions at $275,000.

Nationwide, sales for the month were 9642. That compared with 7576 in April and 9249 sales in May 2005. Other than 2003, it was the highest May figure for a decade. The number of days taken to sell a house increased to 38 from 34 in April. Houses were sitting on the market for longer and buyers were more cautious, Bank of New Zealand chief economist Tony Alexander said.

Lower than average migration, rising interest rates, a slowing economy, an expectation of lower wage increases and more new properties coming available were also factors, he said.

"The figures indicate to me the market is flat, but slowing down."

Figures from Quotable Value for May showed a similar picture of a slowing market, with the fourth straight month of decline in house prices.

http://www.stuff.co.nz/stuff/0,2106,3705757a11,00.html

Regards

[muppet]

Ummmm
So house prices are flat and falling says the heading.

I wonder?????

The median national house price was $305,000 last month, flat compared with a month earlier but still 11 per cent higher than last year's $275,000 median, Real Estate Institute figures show

Soooo median house prices are up 11% in 12 months.

In Auckland, the median price rose to $400,000 from $387,250 the month before, 8 per cent higher than the previous year. Sales were 21 per cent higher than in April.

Soooo, house prices are flat and falling. I wonder?

Of the 12 regions monitored in May, prices rose in half compared with a month earlier.

Soooo, house prices are flat and falling. I wonder?

Nationwide, sales for the month were 9642. That compared with 7576 in April and 9249 sales in May 2005. Other than 2003, it was the highest May figure for a decade.

Soooo, house prices are flat and falling? I wonder?

Now, what was the heading for the NZ Herald news item?

[mals69]

With

The increased weekly repayments because of increased prices and low average wages - something had to give.Supply and demand.