Hawke's Bay, Auckland home prices fall

House prices have fallen in Auckland, Hawke's Bay and Wellington, despite stability in the national market.

Monday, January 24th 2005, 2:10AM

by The Landlord

Commentators insist it is too soon to talk of a slowdown, with the national median remaining steady at $260,000, helped by increases in six provincial areas including Manawatu-Wanganui (up $1000 to $150,000) and Taranaki (up $19,500 to $186,000). Taupo prices rose $7500 to $302,500.

Real Estate Institute national president Howard Morley said December sales had defied the traditional seasonal downturn and remained resilient. "With the exception of 2003, more residential properties were sold in December last year and at higher prices than during any December previously," he said.

Median house prices fell in Auckland (down $2000 to $350,000), Hawke's Bay (down $11,750 to $225,000), Wellington (down $5575 to $267,250), Nelson-Marlborough (down $20,000 to $265,000) and Southland (down $4000 to $138,000).

All had experienced strong price increases throughout the year, Mr Morley said. The fall in Auckland was because of lower prices in the central city, with North Shore, Waitakere, Metropolitan Auckland and Papakura all recording increases.

Contributing to the price drop in Hawke's Bay, fewer houses sold in the province. Sales fell from 348 in November to 295 last month, taking on average 40 days to change hands.

The median sale price last month remained 26.4 per cent higher than the same time a year earlier, when it was at $178,000.

For the greater Wellington urban area, the median house sale price last month was $276,250 – down almost $5600 on the November price of $281,825. The drop follows seven months of steady increases.

Read More - Opens in a new window

« Property investors refocus on cash flow

Free Investment Property Showcase Events: Auckland, Wellington and Christchurch »

Special Offers