House sales defy downturn talk
A record number of homes changed hands in February, defying widespread predictions of a downturn in the residential market.
Sunday, March 20th 2005, 5:19AM
by The Landlord
The sales helped lift the median sale price to a high of $269,200, up from $265,000 in January, figures show.There were 10,231 sales nationwide last month – a record sales level for February, the Real Estate Institute says. It was also well up on the 7078 sales in January.
The figures have surprised institute president Howard Morley.
"The market has rallied to a surprising degree, after giving the appearance of increasing caution in January, with good median price increases around the country," he said.
He warned that the latest interest rate increase could affect this month's sales figures. "However...the interest rate rises tend not to affect those who have negotiated fixed-term mortgages such as new home buyers entering the market."
Wellington's median sale price rose slightly, from $275,000 in January, to $276,750, after two consecutive months of falling prices. But it fell short of the high reached in November of $281,825. Advertisement Advertisement
Hawke's Bay "paused for a breather", the institute said.
After previous strong increases, the median sale price fell from $245,050 in January to $242,500 last month. It was still well ahead of the median 12 months earlier, which was $185,000.
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