by Jenny Ruth
While the number of house sales dipped compared with March, they were up compared with April last year and the median price was higher than in either March or April last year.
"March is traditionally one of the most active months for real estate transactions and 2001 is no different. It was always unlikely that April would achieve a similar number of sales," says institute president Rex Hadley.
Sales nationally totalled 6,506 in April compared with 6,559 in March and just 5,238 in April 2000.
"Such a high level of improvement over last year’s sales volume bodes well for the residential housing market in 2001, and demonstrate the stimulating influence easing mortgage interest rates have had on the residential market," Hadley says.
Total sales rose from $1,394,271,191 in March to $1,423,745,699 in April. That compares with $1,106,697,099 in April 2000. The median sale price of $178,000 was $4,200 higher than in March and compares with $177,000 in April last year.
A year ago, many New Zealanders had lacked confidence in the country’s economic direction and had effectively sat on their hands, Hadley says.
"More recently, factors such as falling interest rates and improved employment figures have encouraged homebuyers, not only to re-enter the market, but also to increase their level of financial commitment to residential property."
The Reserve Bank has cut its official cash rate, from which other interest rates are set, three times this year from 6.5% to 5.75%. The unemployment rate has fallen to a 13-year low of 5.4%.
| REGION |
APR96 |
APR97 |
APR98 |
APR99 |
APR00 |
MAR01 |
APR01 |
| Northland |
113,000 |
130,000 |
141,000 |
152,250 |
157,000 |
146,500 |
150,000 |
| Auckland |
229,000 |
236,000 |
235,000 |
235,000 |
242,000 |
248,500 |
248,500 |
| Waikato/BOP/Gisborne |
130,000 |
141,750 |
145,500 |
153,000 |
157,000 |
160,000 |
165,000 |
| Hawkes Bay |
122,500 |
127,500 |
109,750 |
131,000 |
125,000 |
130,000 |
128,000 |
| Manawatu/Wanganui |
103,000 |
102,500 |
101,000 |
10,000 |
100,750 |
106,000 |
109,000 |
| Taranaki |
105,000 |
95,000 |
100,000 |
101,000 |
108,000 |
105,000 |
106,500 |
| Wellington |
142,000 |
150,000 |
156,150 |
175,000 |
190,000 |
190,000 |
195,000 |
| Nelson/Marlborough |
134,000 |
140,500 |
146,000 |
142,510 |
146,250 |
150,000 |
147,500 |
| Canterbury/Westland |
129,000 |
140,250 |
141,750 |
148,000 |
140,000 |
149,000 |
135,000 |
| Otago |
104,500 |
102,500 |
89,500 |
94,750 |
100,000 |
95,250 |
99,250 |
| Southland |
78,000 |
85,000 |
75,000 |
90,500 |
103,500 |
85,000 |
96,000 |
| NZ Total |
$149,000 |
$162,500 |
$160,000 |
$170,000 |
$177,000 |
$173,800 |
$178,000 |
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