Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Residential Property Statistics ‘Stunning’ - REINZ

21 January 2002

Fourth Quarter Residential Property Statistics ‘Stunning’ - REINZ

Residential property statistics for December 2001, released today by the Real Estate Institute of New Zealand, confirm that sales during the last quarter of 2001 soared over those recorded for each corresponding month in 2000, a result which the national president of the Institute, Mr Rex Hadley describes as “ stunning”.

From October 2000 to October 2001, residential sales increased by 1,700, approximately 36 per cent, while from November 2000 to November 2001, sales increased by 2,071, approximately 36 per cent and the latest statistics show residential sales increased by 1,536 - approximately 33 per cent, with 6,147 transactions in December 2001 compared to 4,611 in December 2000.

Mr Hadley said, “Sales in December 2001 are the highest since December 1998, when 6,192 properties change hands.”

While the national sales volume rose significantly from the same month last year, sales eased considerably from the previous month. The national sales volume of for December 2001 was 6,147, well down the 7,881 sales in November 2001.

Mr Hadley said that this was expected, and was a seasonal effect.

“The effect of the holiday season is reflected by the comparison of December/November volumes. Christmas is traditionally a slower period for the real estate market, people simply have too many commitments to seriously house hunt, and realistically December is a two-week month. Typically these factors are reflected in the volumes, however taking December of last year into account you can see how well improved the residential market is. One only gets the true picture in year to year comparison.”

The total value of sales nationwide has also improved significantly on a year to year basis, from $936,485,445 for December 2000 to $1,333,760,829 in December 2001.

He said, “Not only in sales, but also in the total expenditure in the property do we see the residential market is vastly improved from 2000, and the 1,536 additional transactions between December 2000 and 2001 has seen the total value of sales increase by over $390 million.”

Property values rose on both year to year basis and month to month comparison, the national median sales price rising $8,000 to $178,000 in December, compared to the $170,000 recorded in December 2000 and rising $1,800 from the $176,200 for November 2001.

On a month-to-month basis, the median sale price rose for six of the eleven regions, those being; Canterbury/Westland, Hawkes Bay, Manawatu/Wanganui, Northland, Waikato/BOP/Gisborne and Auckland. Those regions where the median price eased were, Otago, Southland, Taranaki, Wellington and Nelson/Marlborough.

On a year-to-year basis, the median sale price rose for ten of the eleven regions, the only region recording a decrease in median price being Nelson/Marlborough.

Section activity eased while median section price remained steady with 449 sections changing hands at a median price of $85,000, compared to 567 sold during November at the median price of $85,000.

-ENDS-

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news