Auckland and Wellington push up market median

Buoyant Auckland and Wellington property prices and a big increase in $1 million-plus property sales were largely responsible for a further rise in the national residential property median price during November, according to the Real Estate Institute of New Zealand (Inc).

Monday, December 18th 2006, 3:59PM

by The Landlord

The national median price rose from $324,000 in October to $330,000 in November.

In November sales jumped to 9,990 compared with 8,857 in October and the November 2005 sales of 9,357.

Sales of properties worth $1 million and over jumped from 198 in October to 292 in November while sales of properties worth $600,000 - $999,000 increased from 741 to 949.

“Auckland and Wellington tend to be barometers for the rest of the country,” REINZ national president Murray Cleland said.

The Auckland median price was up from $415,000 in October to $425,000 in November while the Wellington median price increased from $355,000 in October to $370,000.

Among the 12 real estate regions, eight experienced increased prices while four recorded falls.

Northland was down from $306,250 in October to $285,000 after a sustained series of increases during the year, while Waikato and Bay of Plenty strengthened from $300,500 to $305,000.

Hawkes Bay eased slightly from $276,250 in October to $275,000 as did Manawatu/Wanganui, which was down from $215,000 in October to $208,000 in November.

However Taranaki continued a strong year with an increase from $255,000 to $265,000 and Nelson/Marlborough followed suit with an increase from $310,000 to $319,000.

Canterbury/Westland also experienced a strong month with the regional median up from $284,500 to $289,500.

Central Otago Lakes district was again affected by fluctuating sales of relatively expensive properties and its median was down from $430,000 to $392,500 however it is still the second most expensive region for properties after Auckland.

Otago was up from $230,000 to $235,000 while Southland increased from $150,000 to $155,000.

Days to sell remained at 29 and the year on year percentage increase in national median prices reached 10% with Taranaki the leading region up 29.26% followed by Nelson/Marlborough and Southland second equal on 20.15%.

The third highest increase in prices over the year was Wellington, up 17.36% and Northland was fourth at 12.42%.

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