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Residential Property Sales Soar

REAL ESTATE INSTITUTE OF NEW ZEALAND 15 November, 2001


Residential Property Sales Soar

Oct 2001 sales volume up over 40 per cent from Oct 2000

Residential property statistics for October 2001, released today by the Real Estate Institute of New Zealand, show residential sales have improved significantly, from 4,887 in October 2000 to 6,666 in October 2001, according to Rex Hadley, National President of the Institute.
Mr Hadley said, “Over 1,700 more homes changed hands in October 2001 than in the same month last year, a level of activity that the Institute expects to continue throughout the summer period given yesterdays easing of the Official Cash Rate and the resulting plummet in mortgage interest rates.”
Mr Hadley congratulated the Reserve Bank for the easing of the OCR, saying that stimulatory effect of lowered rates would benefit the entire economy, as it had already directly benefited homeowners.
“Interest rates are now at the lowest level seen in many years, and this creates a huge opportunity for both existing homeowners and New Zealanders wanting to buy their first home.”
The total value of sales nationwide has also improved significantly, the latter from $980,253,276 for October 2000 and $1,172,172,223 in September 2001 to $1,438,008,096 in October 2001.
According to Mr Hadley, the total value of sales nationwide in October 2001 of $1.43 billion, compared to $1.17 billion in September and 980 million in October 2000 reflects the strength of the 2001 residential property market and marks the ongoing improvement in the market from 2000.
He said, “The total expenditure in the property market is vastly improved from 2000, and the 1,779 additional transactions between October 2000 and 2001 has seen the total value of sales increase by $457 million.”
The national sales volume rose significantly from both last month and same month last year. The national sales volume for October 2001 was 6,666, well up on both the 5,604 sales in September and the 4,887 homes changing hands in October 2000.
“Such a high level of improvement over last years sales volume bodes well for the residential housing market in the last quarter of 2001, and demonstrates the stimulating influence easing mortgage interest rates have had on the residential market.”
Property values rose on both a year to year basis and month to month comparison, the national median sales price rising $6,000 to $179,000 in October, compared to the $173,000 recorded in September 2001 and rising $8,500 from the $170,500 for October 2000.

On a year-to-year and month-to-month basis, the median sale price rose for five of the eleven regions, those being; Northland, Otago, Waikato/BOP/Gisborne, Wellington and Auckland. Those regions where the median price eased were Canterbury/Westland, Nelson/Marlborough, Taranaki, Manawatu/Wanganui, Southland, and Hawkes Bay.
Section activity rose and median section price eased with 509 sections changing hands at a median price of $80,000, compared to 441 sold during September at the median price of $85,000.
-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 Rex Hadley, National President
The Real Estate Institute of New Zealand Inc
Mobile: (025) 904 015
Issued by Weber Shandwick Worldwide Phone: (09) 307 1722
(025) 230 5768
Regional highlights:

NORTHLAND
A total of 151 homes changed hands in Northland, compared to 162 in September. The median price for the area was $160,000, down from the $135,000 recorded in the previous month and the $155,500 for October last year, when 112 homes were sold.


AUCKLAND
In Auckland, 2,187 home settlements were recorded during October, up on the 1,860 recorded in September and the 1,534 homes that changed hands in October 2000. The median price for the region was $258,000 in October compared to $249,000 for September, and the $233,000 recorded for October 2000.


On the North Shore, the median price fell to $267,750 for October from the $272,000 for September and the $275,000 recorded in October 2000. Home sales rose from the 289 in October 2000 and 325 sales in September to 394 in October 2001.

A total of 246 homes were sold in Waitakere City, up from the 242 recorded last month and the 225 sales recorded last October. The median price was $200,000, up on the $188,360 recorded in September and the $186,000 for October 2000.

In Auckland City 813 homes changed hands, up from the 688 sales recorded in September and the 504 sales recorded in October 2000. The median price of $300,000 was up on both the $280,750 recorded for September and the $275,000 recorded twelve months ago.

Home sales rose and the median sale price fell in Manukau City, with 416 homes changing hands at a median price of $246,750. This compared with 370 sales and a median price of $250,000 in September and 299 sales recorded last October at a median price of $225,000.

In the Papakura district, 55 homes changed hands, compared to 57 in September and 45 in the same month last year. The median price of $180,000 was up on the $165,000 recorded in September 2001 and consistent with the $180,000 recorded for October 2000.

A total of 1,924 home settlements were recorded in Metropolitan Auckland, up from the 1,682 in September and the 1,362 recorded for the same month last year. The median price of $260,000 was up on both the $255,000 recorded for September 2001 and the $238,000 recorded for October 2000.

WAIKATO/BAY OF PLENTY/GISBORNE
Sales rose in the Waikato/Bay of Plenty/Gisborne region with 949 homes changing hands, compared to 761 in September. The median price was $163,500, compared with $158,000 in September and $155,000 in October 2000 when 739 homes changed hands.

HAWKE’S BAY
The sales volume rose and median price fell in October with a total of 251 homes changing hands at a median price of $130,000, compared to $132,500 and 231 sales in September. This compared to 194 sales and a median price of $135,500 a year ago.

MANAWATU/WANGANUI
The sales volume in the region rose on a year to year and month to month basis with 304 home settlements recorded in October compared to 278 in September and 260 in October last year. The median price of $105,000 was down on both the $107,000 of the previous month and the $112,000 recorded in October 2000.

TARANAKI
Sales volume fell on a month to month basis with 132 homes changing hands compared to 139 in September. The median price fell to 100,000 for October compared to $105,000 for September. The median sales price for October 2000 was $100,000 when 125 homes were sold.

WELLINGTON
The median price in the Wellington region rose to $195,000 from the $185,000 recorded in September 2001 and the $190,000 in October 2000. The sales volume rose on both the previous month and year to year comparison, from 753 recorded sales in September to 919 homes in October 2001, and compared to 765 sales in the same month last year.

NELSON/MARLBOROUGH
Sales volumes rose in October with 322 homes sold in the Nelson/Marlborough area, compared to 250 sales in September. The median price of $147,000 was down on both the $150,000 recorded in September, and the $149,500 recorded last October when 214 homes were sold.

CANTERBURY/WESTLAND
The median price fell in the Canterbury region at $141,000 for October, compared to $142,000 September 2001 and $142,500 in October 2000. A total of 804 home settlements were recorded, up on the 694 recorded in September and the 529 sales recorded in October last year.

OTAGO
Sales volume and median price rose in Otago on a month to month basis with 394 homes sold during October, at a median price of $110,500 compared to 259 sales and a median of $92,500 in September. In October last year 255 sales were recorded at a median price of $95,500.

SOUTHLAND
The median price rose in the Southland region from $83,000 in September to $89,000 in October. Sales volumes also rose, with 253 homes changing hands, compared to September when 217 homes were sold. This compared to a median of $90,000 last October when 160 homes changed hands.
REINZ PROPERTY MARKET REPORT

TOTAL DWELLINGS MEDIAN PRICE
COMPARISONS FOR OCTOBER 2000-2001

REGION OCT 00 SEPT 01 OCT 01
Northland 155,500 135,000 160,000
Auckland 233,000 249,000 258,000
Waikato/BOP/Gisborne 155,000 158,000 163,500
Hawkes Bay 135,500 132,500 130,000
Manawatu/Wanganui 112,000 107,000 105,000
Taranaki 100,000 105,000 100,000
Wellington 190,000 185,000 195,000
Nelson/Marlborough 149,500 150,000 147,000
Canterbury/Westland 142,500 142,000 141,000
Otago 95,500 92,500 110,500
Southland 90,000 83,000 89,000
NZ Total $170,500 $173,000 $179,000


REINZ PROPERTY MARKET REPORT

TOTAL DWELLINGS MEDIAN PRICE
COMPARISONS FOR OCTOBER 1996-1999

REGION OCT 96 OCT 97 OCT 98 OCT 99
Northland 121,000 135,000 143,000 139,000
Auckland 223,000 238,000 225,000 232,000
Waikato/BOP/Gisborne 138,000 152,000 150,000 157,000
Hawkes Bay 121,300 120,000 119,000 127,000
Manawatu/Wanganui 94,000 95,000 95,000 110,000
Taranaki 95,000 95,550 95,000 91,500
Wellington 143,725 165,000 165,000 178,000
Nelson/Marlborough 136,250 140,500 145,000 150,000
Canterbury/Westland 132,250 140,000 143,000 150,000
Otago 102,500 90,000 92,000 100,000
Southland 78,000 75,151 72,000 81,500
NZ Total $155,000 $165,000 $165,000 $168,000

TOTAL DWELLING SALES FOR OCTOBER 2000-2001
REGION OCT00 SEPT 01 OCT 01 Value of sales
OCTOBER 2001
Northland 112 162 151 26,528,400
Auckland 1,534 1,860 2,187 672,671,760
Waikato/BOP/Gisborne 739 761 949 173,643,632
Hawkes Bay 194 231 251 37,568,533
Manawatu/Wanganui 260 278 304 35,992,525
Taranaki 125 139 132 15,728,550
Wellington 765 753 919 203,838,326
Nelson/Marlborough 214 250 322 51,091,676
Canterbury/Westland 529 694 804 136,940,511
Otago 255 259 394 51,181,983
Southland 160 217 253 32,822,200
NZ Total 4,887 5,604 6,666 1,438,008,096

TOTAL DWELLING SALES FOR OCTOBER 1996-1999
REGION OCT 96 OCT 97 OCT 98 OCT 99
Northland 200 205 199 169
Auckland 2,361 2,408 2,229 1,898
Waikato/BOP/Gisborne 1,026 1,308 957 899
Hawkes Bay 223 238 227 242
Manawatu/Wanganui 275 349 328 353
Taranaki 170 206 184 140
Wellington 823 1,028 948 998
Nelson/Marlborough 242 220 209 226
Canterbury/Westland 1,040 1,082 876 870
Otago 329 264 291 284
Southland 211 182 190 135
NZ Total 6,900 7,490 6,638 6,214


MEDIAN PRICE BY DISTRICT FOR OCTOBER 2001

DISTRICT DWELLINGS SECTIONS
Northland 160,000 69,000
Auckland 258,000 115,000
Waikato/BOP/Gisborne 163,500 73,250
Hawkes Bay 130,000 75,000
Manawatu/Wanganui 105,000 27,500
Taranaki 100,000 25,000
Wellington 195,000 70,000
Nelson/Marlborough 147,000 77,500
Canterbury/Westland 141,000 81,500
Otago 110,500 85,000
Southland 89,000 99,000
Total NZ$ 179,000 80,000
* Dwelling includes houses, units, town houses, apartments, residential investment blocks and home and income.
AUCKLAND BY REGION OCTOBER 1999 – 2001

Median
OCT 99 OCT 00 SEPT 01 OCT 01
Nth Shore 255,750 275,000 272,000 267,750
Waitakere 196,000 186,000 188,360 200,000
Akl City 263,000 275,000 280,750 300,000
Manukau 225,000 225,000 250,000 246,750
Papakura 205,000 180,000 165,000 180,000
Metro Akl 235,000 238,000 255,000 260,000
Number Sold
OCT 99 OCT 00 SEPT 01 OCT 01
Nth Shore 330 289 325 394
Waitakere 216 225 242 246
Akl City 661 504 688 813
Manukau 450 299 370 416
Papakura 45 45 57 55
Metro Akl 1,702 1,362 1,682 1,924

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