New Zealand house sales weakened in June but the median price held steady at $210,000, the Real Estate Institute of New Zealand (Reinz) said today.
Saturday, July 19th 2003, 11:47PM
by The Landlord
Reinz president Graeme Woodley said low interest rates, and the probability of a further fall in the Reserve Bank's benchmark official cash rate next week, would continue underpinning the residential market.
"The seasonal softening was to be expected, and is reflected in the national transaction figure falling from 11,158 sales in May to 9790 sales in June," Mr Woodley said in a statement.
"However we still have a much more buoyant market than in previous years, with sales in the latest period being considerably up on the June 2002 figure of 7486, and the June 2002 figure of 6147."
