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Property Market Remains Confident

22 February, 2000


Property Market Remains Confident


The national median residential median price has held up “surprisingly well” given rising interest rates and post election economic uncertainty, according to Mr Max Oliver, National President of the Real Estate Institute of New Zealand.

The national median sale price fell slightly on a month to month basis but rose on year to year comparison. The national median for January was $169,250, compared to $170,000 in December and $164,000 in January last year.

The national median sales volume for residential property has risen on a month to month basis but fallen on year to year comparison, according to figures released today from the Institute.

Sales in January this year were 5,178 compared with 4,710 in December and 6,376 twelve months ago.

The latest figures show Wellington medians have remained strong at $185,000 although the Auckland median eased $5,000 to $230,000 in January.

However a comparison since January 1999 shows the Auckland median has remained within a range of $230,000-$238,250 on a year by year basis. The Wellington median has grown consistently from $145,000 in 1997 to $185,000 at present.

Mr Oliver said, “The current figures are relatively reassuring considering the current economic and political uncertainty. The national median sales price is steady and volumes are relatively low - an illustration of the confidence amongst the home owning public. Homeowners are not dropping the value of their homes in order to sell so we must assume there is no loss of confidence amongst the New Zealand public or any move into rental properties and the acquisition of mutual funds.

“On a regional basis, there are some outstanding success stories. Wellington continues to go from strength to strength, with an increase in median price from $167,500 to $185,000 over the last twelve months and Northland, who over the same period saw values rise from $147,500 to $171,250.

Section activity increased, while the national median price rose with 510 sections sold during December at a median price of $85,00, compared to 402 in December at $80,000.


-ENDS-


Real estate information is also available via the Institute's official property directory - RealENZ - on the Internet. RealENZ is a search facility providing comprehensive information on residential, lifestyle, rural, commercial, investment and rental properties. RealENZ's Internet address is: www.realenz.co.nz

For further information contact: Mr Max Oliver, National President
The Real Estate Institute of New Zealand Inc
Phone: (09) 520 3008
Mobile: (025) 812 614
Issued by Shandwick (NZ) Limited Phone: (04) 472 4190

REGIONAL HIGHLIGHTS:

NORTHLAND
A total of 136 homes changed hands in Northland, compared to 134 in December. The median price for the area was $171,250, up from the $144,000 recorded in the previous month and from the $147,500 for January last year, when 205 homes were sold.

AUCKLAND
In Auckland, a total of 1,592 home settlements were recorded during January, down from the 1,452 recorded in December. The median price for the region was also down, at $230,000 in January from $235,050 in December. The median for January 1999 was $230,000, when 1,907 homes changed hands.

On the North Shore, home sales fell from 276 in December to 266 in January, and were also down on the same month a year ago when 363 homes were sold. The median price fell on a monthly basis, from $253,750 in January 1999 to $240,000 in the latest period, and compared to the $255,000 recorded in December.

A total of 261 homes were sold in Waitakere City, up from the 217 recorded last month and consistent with the sales for last January. The median price was $190,000, compared to the $205,000 recorded in December.

In Auckland City 520 homes changed hands, up from the 417 sales recorded in December and compared to the 617 recorded in January 1999. The median price of $262,000 was down on both the December median price of $280,000 and the $264,000 recorded twelve months ago.

Home sales and median fell on a month to month basis in Manukau City, with 305 homes changing hands at a median price of $225,000. This compared with 331 sales and a median price of $228,000 in December and 389 sales recorded last January at a median price of $225,000.

In the Papakura district, 60 homes changed hands, compared to 37 in December and 47 in the same month last year. The median price of $200,000 compared to the $190,000 recorded in December and the $180,000 for January 1999.

A total of 1,412 home settlements were recorded in Metropolitan Auckland, up from the 1,278 in December and from the 1,677 recorded for the same month last year. The median price of $230,000 is down from December’s figure of $238,300 but up from $234,000 recorded for January 1999.

WAIKATO/BAY OF PLENTY/GISBORNE
Sales decreased in the Waikato/Bay of Plenty/Gisborne region with 692 homes changing hands, compared to 748 in December. The median price fell to $159,500, from the $162,000 recorded in December but rose from the $152,250 recorded last January when 958 homes changed hands.

HAWKE’S BAY
The median price and sales volume for the region fell from $129,000 in December with a total of 204 homes changing hands, compared to $125,000 and 201 sales in January, and 214 sales and a median price of $125,500 a year ago.

MANAWATU/WANGANUI
The sales volume in the region rose with 266 home settlements recorded in January compared to 244 in December but feel compared to the 337 sales recorded in January last year. The median price of $99,250 was down on the $107,250 of the previous month and compared to the $102,000 recorded in January 1999.

TARANAKI
Sales volumes fell with 115 homes changing hands compared to 133 in December. The median price fell during January to $93,000, up from both the $108,000 recorded in the previous month, and the $167,500 recorded in January last year when 179 homes were sold.

WELLINGTON
Home transactions rose in the Wellington region, from 611 recorded sales in December to 908 homes changing hands during January while less than the 947 homes sold in the same month last year. Median price for the region fell to $185,000, from December’s $186,000 but was well up on the $167,000 recorded twelve months ago.

NELSON/MARLBOROUGH
Sales volumes fell during January with 170 homes sold in the Nelson/Marlborough area, compared to 182 sales in December. The median price was down at $140,000 compared with $144,750 in December but consistent on the $140,000 recorded last January when 213 homes were sold.

CANTERBURY/WESTLAND
The median price rose in the Canterbury region during January to $147,000 compared to the $145,000 recorded in January 1999 and the $140,000 recorded in December 1999. A total of 699 home settlements were recorded, up on the 656 recorded in December but down on the 948 recorded in January last year.

OTAGO
Volume fell while median price remained constant in Otago over the past month with 236 homes sold during January, at a median price of $95,000. This compared with 263 sales and a median of $95,000 in December and 309 sales and a median price of $90,000 in January last year.

SOUTHLAND
Sales volumes rose in the Southland region with 163 homes changing hands, compared to December when 83 homes were sold. The median price fell from $81,500 in December to $72,000 in January, compared to a median of $89,000 last January when 159 homes changed hands.

REINZ PROPERTY MARKET REPORT

TOTAL DWELLINGS MEDIAN PRICE COMPARISONS
JAN97 JAN98 JAN99 DEC99 JAN00
Northland 120,000 145,000 147,500 144,000 171,250
Auckland 230,000 235,000 230,000 235,000 230,000
Waikato/BOP/Gisborne 140,250 152,000 152,250 162,000 159,500
Hawkes Bay 125,500 129,500 125,250 129,000 125,000
Manawatu/Wanganui 95,000 104,000 102,000 107,250 99,250
Taranaki 95,000 98,500 94,000 108,000 93,000
Wellington 145,000 160,000 167,500 186,000 185,000
Nelson/Marlborough 140,000 132,550 140,000 144,750 140,000
Canterbury/Westland (incl Sth Canterbury) 135,000 143,875 145,000 140,000 147,000
Otago 105,000 98,000 90,000 95,000 95,000
Southland 88,000 80,500 89,000 81,500 72,000
NZ Total $159,000 $162,000 $164,000 $170,000 $169,250

TOTAL DWELLING SALES
TOTAL SALES JAN97 JAN98 JAN99 DEC99 JAN00 value of sales
JAN 2000
Northland 208 161 205 134 136 26,557,300
Auckland 2,719 1,451 1907 1,452 1,592 419,130,359
Waikato/BOP/Gisborne 1,382 870 958 748 692 121,364,489
Hawkes Bay 204 164 214 204 201 27,752,600
Manawatu/Wanganui 366 245 337 244 266 29,070,805
Taranaki 139 132 179 133 115 12,887,150
Wellington 863 718 947 611 908 187,297,016
Nelson/Marlborough 281 135 213 182 170 28,177,750
Canterbury/Westland 1,148 748 948 656 699 110,246,565
Otago 332 295 309 263 236 26,480,558
Southland 173 152 159 83 163 17,087,600
NZ Total 7,815 5,071 6,376 4,710 5,178 1,006,052,192

MEDIAN PRICE BY DISTRICT FOR January 2000


DISTRICT DWELLINGS * RIB # SECTION
Northland 171,250 125,000 63,000
Auckland 230,000 312,500 195,000
Waikato/BOP/Gisborne 159,500 - 62,000
Hawkes Bay 125,000 - 72,500
Manawatu/Wanganui 99,250 274,000 29,750
Taranaki 93,000 - 33,000
Wellington 185,000 152,500 70,000
Nelson/Marlborough 140,000 - 77,000
Canterbury/Westland
(incl. Sth Canterbury) 147,000 195,000 82,500
Otago 95,000 108,000 46,000
Southland 72,000 - 72,500
Total NZ 169,250 207,250 85,000

* Dwelling includes houses, units, town houses, apartments, and home and income.
# Residential Investment Blocks (multi units owned by investor/s).


Auckland By Region January 1999-00

NO. SOLD JAN99 DEC99 JAN00 MEDIAN JAN99 DEC99 JAN00
Nth Shore 363 276 266 255,000 253,750 240,000
Waitakere 261 217 261 194,000 205,000 190,000
Akl City 617 417 520 264,000 280,000 262,000
Manukau 389 331 305 225,000 228,000 225,000
Papakura 47 37 60 180,000 190,000 200,000
Metro Akl 1,677 1,278 1,412 234,000 238,300 230,000

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