Median house price rises 1.6pc in Oct - Reinz

By NZPA

Tuesday 19th November 2002

The median price for house prices rose 1.6 percent in October and 5 percent from October 2001, Real Estate Institute of New Zealand (Reinz) figures showed today.

Reinz national vice-president Howard Morley said the total number of sales reported by real estate agents during October reached 9448, for a national median price of $188,000 against $185,000 in September and $179,000 in October 2001.

Overall, the median price has been relatively steady since February this year, with minor fluctuations recorded up and down the country.

Mr Morley said the number of houses sold in October was buoyant, supported by strong business confidence and strong migration.

Total annual sales were up almost a third again from October last year when 6666 house were sold.

Across the country, the number of houses sold increased in all but one district, Northland, during the month.

Auckland recorded the largest rise, at 3392 showing an increase of 593 over September sales levels. The median price there rose to $279,000 from $273,000 in September and $258,000 in October 2001.

Six regions recorded increased median prices for the month -- Auckland, Taranaki, Wellington, Nelson/Marlborough, Canterbury/Westland and Otago with the other five showing falls.

The biggest rise was in Nelson/Marlborough were the median price rose to $169,500 from $155,000 in September.

Prices in Waikato/Bay of Plenty/Gisborne fell to $162,000 from $168,750 while prices in Northland fell to $165,000 from $169,000.

Mr Morley said mortgage rates were relatively attractive, particularly for fixed rates.

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