Housing sales and prices dip in July

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The latest Real Estate Institute housing sales figures and prices show the market weakened slightly in July from June but again showed an improvement in activity compared with the same month last year.

Monday, August 20th 2001, 4:54AM

by Jenny Ruth

Still, the median price figures suggest the Reserve Bank needn’t worry about house price inflation.

The median house price fell from $177,000 in June to $170,000 in July which equalled the median price in July last year.

Real Estate Institute president Rex Hadley interprets the figures as showing stable prices.

"During 2001, the national median price has moved up and down each month by up to $8,000 but appears to be achieving a stability within this range," he says.

The institute’s figures show that while the number of houses sold nationally fell from 6,147 in June to 6,122 in July, that was up from only 5,168 houses in July last year.

Nevertheless the numbers sold each month have been declining from the 6,506 houses sold in April this year. And the July number is well down on the 7,393 houses sold in July 1997.

The total value of sales fell from $1.3 billion in June to $1.25 billion in July, but that was well up on the $1.06 billion sold in July last year.

On a regional basis, five of the 11 regions saw the July median price increase from June while the other six regions experienced declines. Compared with July last year, the median price rose in seven of the regions, fell in three and was unchanged in the other.

Compared with June, activity rose in seven of the regions and fell in four. Compared with July last year, activity rose in all but one of the regions. The odd one out was Wellington where sales fell from 791 in July last year to 777 this July.

REINZ PROPERTY MARKET REPORT

TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR JULY 1996-2001

REGION	JULY 96	JULY 97	JULY 98	JULY 99	JULY 00	JUNE 01	JULY 01
Northland	117,750	134,500	141,500	139,000	130,000	158,000	160,000
Auckland	222,500	238,000	226,500	232,000	231,000	253,000	239,000
Waikato/BOP/Gisborne	130,500	151,000	152,250	152,000	155,000	157,500	162,000
Hawkes Bay	120,000	122,500	118,000	120,875	116,000	126,000	135,000
Manawatu/Wanganui	97,500	99,250	90,000	100,000	110,000	101,500	105,000
Taranaki	94,750	95,000	95,000	92,000	96,000	92,000	96,750
Wellington	138,500	155,000	160,000	178,500	183,000	195,000	190,000
Nelson/Marlborough	130,750	136,500	138,000	142,000	147,000	154,000	145,000
Canterbury/Westland	130,000	140,000	143,500	146,000	140,000	140,000	136,000
Otago	100,000	95,500	90,500	95,000	94,500	100,000	94,500
Southland	75,000	71,000	74,500	83,000	72,500	65,000	84,000
NZ Total	$147,000	$162,000	$165,000	$167,000	$170,000	$177,000	$170,000

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