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

 

Residential Real Estate Market Gains Ground


February Residential Real Estate Market Gains Ground - Real Estate Institute


Strong Wellington and Auckland property markets lead the way to a rise in the national median selling price for residential real estate in February, according to the Real Estate Institute of New Zealand (Inc).

Institute National President, Mr Graeme Woodley said today the national median price firmed to $195,000, equaling the November 2002 high.

The February 2003 median compared with the January median of $193,400 and the February 2002 figure of $186,000 – an increase year on year of 4.8 per cent.

Auckland prices firmed 8.5 per cent to $280,000 over the February 2002 figure of $258,000 and also showed an improvement over the January 2003 figure of $272,000, despite predictions of a weakening market.

Wellington also put in a strong performance with the median rising 7.5 per cent to $215,000 over the February 2002 figure of $200,000, also up on the January 2003 median of $210,000.

Mr Woodley said the market’s strength was underlined by the rise in volumes with 9,624 sales in February, an increase on the holiday-interrupted January figure of 8,159, a solid improvement on the February 2002 volume of 8,733.

Auckland sales at 3,069 increased over the 2,832 sales in January but were slightly lower than the 3,120 sales in February 2002. Wellington sales were stronger, at 1,208 compared with 859 in January and 1,111 in February 2002.

Canterbury Westland had a similar experience to Wellington with sales of 1,307 in February up on the 1,089 recorded in January and 1,063 sales in February 2002.

Around the country, Mr Woodley said agents reported that again economic growth and low interest rates are underwriting the market’s confidence and liquidity.

“In Auckland our agents say its very much ‘business as usual’ following the Americas Cup, which is encouraging news. They report strong demand in the lower to middle range properties between $200,000 and $275,000 but also in the $400,000 to $600,000 range.”

Wellington agents say the market is healthy and stable with strong demand in the low to middle range, $200,000 to $400,000.

Canterbury Westland saw a decline in the median from $156,000 in January 2003 to $148,000 in February, however the median is up slightly on the February 2002 median of $145,000.

Mr Woodley said not too much should be read into the month-to-month Canterbury Westland decline, since it was a reflection of more movement in lower priced houses.

In Christchurch City, although the median drifted down slightly at $166,500 compared with $171,000 in January, the market is regarded as busy with good volumes, and showed a 7.4 per cent improvement over the February 2002 median of $155,000.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO:

Crown Accounts: Govt Books In Line With Forecasts

The Government’s financial statements for the four months to 31 October indicate the books are tracking along with Treasury’s Budget forecasts, Finance Minister Grant Robertson says. More>>

ALSO:

Expert Reaction: Ross Sea Region Marine Protected Area In Force

Sweeping new protections for Antarctica's Ross Sea will come into effect on Friday 1 December. After five years of debate, the marine protected area (MPA) was agreed in 2016 after a joint proposal by New Zealand and the United States... More>>

ALSO: