Property market picks up
What's been happening with house sales and what's around the corner? We update you on recent property reports.
Thursday, October 21st 1999, 12:00AM
by Paul McBeth
What's been happening with house sales and what's around the corner? We update you on recent property reports.
Looking back:
The Real Estate Institute has been hanging out for that 'spring surge' and finally claims to have found it. National median prices and the number of sales were up in September, with agents reporting a steady flow of enquiries and a comparatively stable market.
- More specifically, the national median sale price was $170,000 last month. That compares with $169,000 in August and $164,000 a year ago(click here for regional price comparisons).
- A total of 6,243 houses were sold in September, compared with 6,201 in August and 5,865 a year ago.
- While most regions reported improvements, the Institute said Auckland was the notable exception (sales were down from August). "APEC, its attendant state visits and the Americas Cup have created a dynamic atmosphere in Auckland, but not one that's necessarily conducive to the search for a new home."
The outlook for the residential property market in Auckland is still bullish, although confidence has fallen from earlier in the year. Confidence is waning in Christchurch, but Wellington property experts maintain a steady outlook for the city.
The latest quarterly outlook series from Massey University's Real Estate Analysis Unit points up the differences in mood in the three cities. The university surveys market experts in each area including bankers, real estate agents, valuers, property owners and analysts.
- In Auckland, a net 37 per cent of those surveyed expect the market to improve over the next six months, down from 59 per cent in the last survey. Nearly all those questioned expect residential prices overall to stay the same or improve. However, for units and apartments, the vast majority expect no change in price.
- In Wellington, overall confidence remains stable (a net 19 per cent predict an improving market). Property specialists are expecting the lower end of the market to show the most strength, with projected job losses in middle management contributing to less confidence in the medium and upper price ranges.
- In Christchurch, confidence is on the wane with a net 16 per cent now expecting an improving market (down from 30 per cent in the previous survey). Those surveyed say prices could increase slightly at the lower end of the market, but soften for units and apartments and the more expensive housing.
REINZ: Median price comparisons for residential property
|
Region |
September 1996 |
September 1997 |
September 1998 |
August 1999 |
September 1999 |
|
Northland |
$120,000 |
$138,750 |
$136,750 |
$140,500 |
$149,500 |
|
Auckland |
$220,000 |
$235,000 |
$225,000 |
$230,000 |
$240,000 |
|
Waikato/ BOP/ Gisborne |
$135,800 |
$150,000 |
$148,250 |
$155,000 |
$162,250 |
|
Hawkes Bay |
$117,500 |
$120,000 |
$121,250 |
$115,250 |
$121,750 |
|
Manawatu/ Wanganui |
$102,000 |
$101,500 |
$94,000 |
$101,500 |
$105,000 |
|
Taranaki |
$95,000 |
$103,500 |
$92,000 |
$93,500 |
$94,500 |
|
Wellington |
$136,500 |
$149,000 |
$165,000 |
$170,000 |
$176,211 |
|
Nelson/ Marlborough |
$135,000 |
$137,000 |
$146,000 |
$141,500 |
$138,000 |
|
Canterbury/ Westland |
$130,750 |
$137,000 |
$140,000 |
$145,000 |
$145,000 |
|
Otago |
$92,000 |
$100,000 |
$93,500 |
$104,500 |
$97,000 |
|
Southland |
$80,000 |
$80,000 |
$67,555 |
$77,750 |
$78,000 |
|
New Zealand |
$153,000 |
$163,000 |
$164,000 |
$169,000 |
$170,000 |