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House sales ease up slightly

The residential housing market remained relatively steady in September, although sales showed a slight improvement from the previous month, according to the Real Estate Institute (REINZ).

Thursday, October 14th 2010, 10:21AM 1 Comment

by Maddy Milicich

There were 4,323 residential properties sold in September, compared to 4,287 in August, but sales are still at their lowest September monthly total for at least a decade. September's figures also remain less than half the total number of properties sold in September 2006, which the market was at the height of the boom.

REINZ spokesman Bryan Thomson says subdued sales could be attributed to uncertainty over the rise in GST and tax cuts, which came into effect on 1 October. He also cites the "shocking" spring weather the country has been experiencing as having an impact on the market.

"We would expect to see a pick-up in the market in coming months as warmer spring and summer weather generally brings an influx of new property listings onto the market providing more choice for buyers," Thomson says.

In the Canterbury/Westland region, the devastating earthquake on September 4 continues to have an effect, with the region's total sales of 396 for September less than half that recorded for the same month last year. It is also down 227 sales, or 36%, on August.

The national median sale price remained steady at $350,000, the same as in August.

"It's pleasing the median price has held relatively steady at $350,000 for the past two months, which is $20,000 up on September 2008 when the market was at its worst in the midst of the global economic crisis," Thomson says.

From district to district, changes in the median prices varied from increases of up to 14.81% in three regions, to falls of up to 4.77% in eight regions compared with the same month last year.

The national number of days to sell remained steady at 43 for September, the same as the previous month, but 10 days longer than the 33 days recorded in September last year.

Find out more about the regions here.

« Momentum building in house market, according to ANZFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Comments from our readers

On 14 October 2010 at 10:54 am Tony said:
The MEDIAN sale price of Auckland houses is considerably lower than Barfoots AVERAGE sale price for the month of September,I wonder are average sales figures misleading.
Commenting is closed

 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special ▲8.64 ▲6.74 ▲6.49 ▲6.39
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.54 5.99 5.89 5.69

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