New Zealand house prices stalled in September, with no change to the national median of $290,000, Real Estate Institute of New Zealand (REINZ) figures out today show.
Tuesday, October 25th 2005, 7:46AM
by The Landlord
Sales were healthy, however, with 9186 houses sold by institute members during the month, compared with 8537 in August -- indicating there is still strong confidence in the market, despite economists' predictions of an impending slow down.
House prices were 16 per cent higher than in September 2004.
"A combination of strong sales, especially when compared with September 2004 and the drop in days to sell suggest a much stronger and more liquid market in September," REINZ national vice president Murray Cleland said.
The median number of days to sell a house improved to 27 from 29.
Mr Cleland said the main reason for the unchanged median, despite rising sales, appeared to be a shift to more sales under $400,000. These accounted for the bulk of September sales at 6834.
