Market catches breath over winter
Residential property prices eased in July although sales remained strong, according to the latest Real Estate Institute of New Zealand (REINZ) residential real estate figures.
Thursday, August 18th 2005, 8:15AM
The impact of midwinter on sales activity and buyer enthusiasm, and easing prices in some of the major centres, brought the July national median selling price down from $284,500 in June to $280,000, according to the national president of the REINZ, Howard Morley.
“On a year-on-year basis the market is still ahead 12.45% from the median a year ago of $249,000, but we are seeing the major centres ease off a bit although the regions continue to show some surprisingly good growth,” he said.
Morley said another factor had been a reduction in sales of higher priced properties which had impacted on the major centre medians and on the national figure.
Sales of properties under $400,000 in July were up from 6,052 in June to 6,312, but sales of properties in the $400,000 to $999,000 category were down, as were sales of $1 million and over properties which fell from 156 in June to 127.
Morley said the slowdown in price movements was traditional for this time of year, “although total national sales are up from 8,025 in June to 8,213 in July, which is pleasing, vendors are more likely to take the prices offered at this time of year whereas in spring and summer it tends to be more of a sellers’ market.”
Around the 12 regions the market appeared undecided over-all with six rises and six falls. Northland was off from the $244,750 median in June to $235,000 in July, and Auckland eased from $366,500 in June to $363,500.
The Waikato/Bay of Plenty/Gisborne region eased back from $250,000 in June to $247,500, but HawkesBay put in another strong performance, regaining ground lost in June, with an increase in the median from $236,500 to $250,000. Manawatu/Wanganui was also stronger, up from $166,250 to $169,500 in July, while Taranaki pushed ahead from $210,000 to $216,000.
Wellington was another major centre to show a reduced median, down from $300,000 in June to $295,250.
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