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Mixed signals coming from property market

Friday 18th February 2005

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The New Zealand residential property market began 2005 quietly with an increased national median selling price but with falls in some areas and a significant reduction in sales.

Notwithstanding, the national median selling price hit a new record of $265,000 in January, compared with the December median of $260,000.

Real Estate Institute president Howard Morley said that the key indicators for the market: sales volume, regional rises and falls, and days-to-sell, suggested a degree of caution on the part of both buyers and sellers.

Turnover was down to 7,078 sales in January compared with 8,377 in December and 8,404 in January 2004, with four of the eleven regions reporting reduced median prices while the remaining seven showed modest increases.

Days to sell lengthened noticeably from 29 in December to 38 in January, compared with 32 in the previous corresponding period of January 2004.

“What we have is evidence of a shortage of listings, coupled with vendors showing a degree of determination on price. January is always one of the quieter months and it will be another month or two before we see a trend for the rest of the year,” Mr Morley said.

To see what has happened in each of the regions CLICK HERE

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