Sept housing figures slightly weaker but still strong

By NZPA

Thursday 17th October 2002

Homes continued to sell strongly last month, although not as strongly as August.

According to the Real Estate Institute (REINZ), nearly 8000 properties changed hands during September, down 93 from August.

REINZ national president Graeme Woodley said that while there was a slight monthly decline, the improvement on an annual comparative basis underlined the current strength of the residential property market.

September's figures were 2339 houses higher than the same period a year ago, when the median price was $173,000.

"While the national median price for all properties has remained steady at $185,000 for the last three months, these sales statistics show we are again following this year's trend of tracking well ahead of total sales recorded in the same month in previous years."

Mr Woodley said there continued to be strong interest from the investment sector as well as home buyers. While the current shortage of listings across the country usually improved in spring, he foresaw strong residential housing sales for the rest of the year.

One trend he noted was the realistic expectations about housing prices from both buyers and sellers in most regions.

Median prices rose in eight of the country's 11 regions, up markedly in Northland at $169,000 from $155,000 in August and $141,000 recorded in July.

Median prices in the Auckland region also moved up by $9000 to reach a median $273,000.

Sales rose in seven regions, but section sales eased back to 798 from 895 in August. The median price for sections improved by $2000 to $87,000.

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