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Residential Property Market Median Eases

News Release 16 September 2004

Residential Property Market Median Eases

The New Zealand residential property market median selling price eased slightly during August, due largely to increased demand for less expensive properties coupled with a slower level of activity in upper end properties, according to the National President of the Real Estate Institute of New Zealand (Inc), Mr Howard Morley.

However sales volumes improved as the market moved into its customary spring upturn in activity, the Institute reported.

The national median selling price fell slightly from $249,000 in July 2004 to $247,000 in the latest month, compared with the June median of $243,000.

According to Mr Morley, “while the market appears to have retreated, it has to be considered that July saw a strong increase in the median especially because of a big jump in Auckland median prices. This month we have seen a bit of levelling off, but the trend is still pretty much intact.”

Recent interest rate increases arising from the Reserve Bank’s tightening of the Official Cash Rate may have had some effect, “but with an increasing number of people moving to fixed rates, especially earlier this year when rates began their increase, the potential for OCR increases to affect the confidence of the house-buying public is increasingly limited.”

Of the 11 regions, seven reported increases (five last month) two recorded falls (five in July) and two were unchanged (one in July).

The impact of the Auckland market on the national market was again apparent with Auckland being one of the two regions to record a decrease with its median, declining from $340,000 to $336,500 in August, after a strong showing in July where it rose from the June figure of $323,710.

Sales volumes nationally were up from 7,802 in July to 8,191, still well down on the August 2003 sales of 10,193. Auckland accounted for most of the increase with sales up from 2,609 in July to 2,888 in August.

Around the country, Northland saw an increase in its median from $183,500 in July to $195,000 in August while Waikato/Bay of Plenty/Gisborne also experienced an increase from $200,000 to $210,000 in August.

Hawkes Bay was up from $190,000 to $211,500, but on reduced volumes, and Manawatu/Wanganui was unchanged at $140,000, as was Wellington at $265,000.

Taranaki was the other region to show a decline with its median down from $176,500 to $161,050.

Nelson/Marlborough rallied after falls earlier this year with a median price increase from $262,000 to $270,000 and Canterbury/Westland was up from $216,000 to $218,750.

Otago was up slightly from $180,000 to $183,000 while Southland recorded a good gain from $118,000 to $126,750.

Days to sell lengthened nationally from 30 to 31.

On a year-by-year basis the New Zealand median is up 14.88 per cent with Canterbury/Westland and Otago showing the strongest gains at 34.61 per cent and 38.11 per cent respectively.

Auckland is now showing the smallest annual gain at 6.82 per cent.

Around the major centres Auckland City saw its median fall from $385,000 to $365,000 and Metropolitan Auckland was also down from $343,500 to $339,000, although volatility in apartment sales has affected the medians for some time, Mr Morley noted.

Hamilton City was up from $216,000 to $223,000 and Tauranga was up from $266,500 to $283,500. Central Wellington was down from $332,000 to $318,510.

Christchurch City was up from $235,000 to $240,000 and Dunedin City was also up slightly from $185,000 to $186,500.

-ends-


Issued on behalf of the Real Estate Institute of New Zealand (Inc) by Sorensen Group.


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

Regional Highlights

Northland

The Northland region demonstrated good growth in August, improving on July’s results for both median price and sales volume. The median sales price for a residential property increased to $195,000 (July 2004: $183,500). The number of homes sold was a marked improvement on the previous month’s result, with 276 dwellings sold during the month, 36 more than the 240 sold in July 2004. In August 2003, 295 homes were sold with a median sales price of $170,000. It took an average of 36 days for a residential property to sell in Northland during August.

Auckland

The number of homes sold in the Auckland region climbed during August, with 2,888 properties selling. This is an improvement of over 270 properties on the 2,609 sold the previous month. August’s result, however, remains less than the 3,642 houses that changed hands during the same month a year ago. The median price attained for a residential property in this region dipped by $3,500 to $336,500 in August (July 2004: $340,000; August 2003: $315,000).

On the North Shore, the median price achieved increased by $2,000 to reach $399,000 in August (July 2004: $397,000; August 2003: $357,500). Sales volume improved on July’s effort of 473 sales, with 475 properties sold in August (August 2003: 721).

Sales volume improved in Waitakere in August, with 395 homes changing hands. This is a solid improvement on the 365 houses sold in July, although remaining less than the 510 sales recorded in August 2003. Despite this increase, the median price eased to $282,500, down from $293,000 the previous month (August 2003: $244,750).

The median sales price fell by $20,000 in Auckland City in August, settling at $365,000. This is less than the $385,000 and $380,000 median prices recorded in July 2004 and August 2003 respectively. Despite the dip, the number of properties sold improved on the previous month’s result, with 946 houses changing hands in August (July 2004: 832; August 2004: 1,178).

The median price for a residential property in Manukau remained the same as it was in July, $315,000 (August 2003: $311,500). Despite the lack of positive growth in median price, sales turnover improved, with 618 homes sold during August. This is significantly better than the 541 sales generated in July, whilst remaining slightly lower than the 639 sales recorded in August 2003.

Papakura performed well across the board during August. In total, 106 homes were sold in the area during August, up from 103 in July. The median price attained for these sales was up from $230,000 in July to $243,000 in August. In August 2003, 120 homes sold with a median sales price of $195,000.

In Metropolitan Auckland, the median price fell from $343,500 in July to $339,000 in August (August 2003: $325,000). The number of properties sold grew by over 200, with 2,540 sales recorded, a significant increase on July’s result of 2,314 (August 2003; 3,168).

Waikato/Bay of Plenty/Gisborne

The median price for a property in the Waikato/Bay of Plenty/Gisborne areas improved in August, to $210,000. This is $10,000 more than the $200,000 median sales price recorded in July, and $30,000 more than the median price recorded during the same month last year, of $180,000. Sales turnover improved also, with 1,432 residential properties changing hands. This is 37 more than the 1,395 sales recorded in the previous month, while remaining less than the 1,720 sales generated in August 2003.

August saw the median price for a property in Hamilton City rise to $223,000, up from $216,000 in July. The number of homes sold also grew, with 366 sales recorded, 80 more than the 286 sold in July. In August 2003, 372 houses changed hands with a median sales price of $188,000.

The Mt Maunganui/Papamoa areas showed an improvement in sales volume, with 110 homes sold during August, 80 more than the 286 sold in July, and six fewer than the 372 sold in August 2003. The median price attained for a property in this area shot up by $60,000 to reach $405,000, a considerable improvement on July 2004’s median price of $345,000 and August 2003’s median price of $284,500.

Tauranga showed good growth in August, demonstrating positive results in all but one area of comparison. The median price attained for a house in this area was $283,500, up on July’s result of $266,500 and August 2003’s result of $213,750. In total, 188 homes changed hands in Tauranga during the month, up on July’s result of 178 sales, whilst remaining down on the 242 sales generated in the same month last year.

Sales volume dipped slightly in Rotorua in August, with 144 homes sold (July 2004: 173; August 2003: 162). Despite the easing in sales, the average price achieved for a residential property continued its ascent, reaching $138,000, up on the $135,000 and $133,375 medians recorded in the previous month and year respectively.

The median sales price attained for a property in Taupo increased during August, reaching $305,000 (July 2004: $279,000; August 2003: $212,500). Sales dipped however, with 53 homes sold. This is down on the 74 sold in July 2004 and the 110 sold in August 2003.

Gisborne City had a quiet month, with decreases in both sales volume and median price achieved. In total 73 homes were sold, down on the 84 sold in July, although still more than the 67 sold in August 2003. This trend was repeated in the median sales price, which dropped to $125,100 from $142,500 in July (August 2003: $123,000).

Hawkes Bay

The number of residential properties sold in the Hawkes Bay fell slightly during August, with 276 homes sold. This is slightly less than the 301 and 319 sales recorded in July 2004 and August 2003 respectively. It took an average of 35 days for a home to sell in August. Despite the fall in sale numbers, the median price for a house in the region shot up by over $20,000, to $211,500 (July 2004: $190,000; August 2003: $167,000).

Manawatu/Wanganui

In August, the median price for a residential property in the Manawatu/Wanganui region was unchanged from the $140,000 median price recorded in the previous month. Despite this lack of monthly change, these results remain a significant improvement on the $109,000 median price generated in August 2003. Sales dipped slightly in the region during the month, with three less sales than in July, taking August’s total to 437 (July 2004: 440; August 2004: 540). The median price for a section in this region was $75,000.

Taranaki

The number of homes sold in the Taranaki region remained unchanged from the previous month, with 210 houses changing hands. Despite this, July and August 2004’s result continues to improve on previous results; in August 2003, 204 homes sold, and in August 2002, 182 homes changed hands. The median price attained for a residential property in the region fell to $161,050. Whilst this result is less than the $176,500 median recorded in July, it remains substantially higher than the $123,000 median recorded in August 2003.

Wellington

The number of homes sold in the greater Wellington region dipped on both month-by-month and year-by-year comparisons, with 748 sales recorded in August, down from 753 the month before. The median price attained in August for a residential property remained the same as recorded in the previous month, $265,000. In July 2003, 952 houses changed hands with a median sales price of $225,000.

In the Hutt Valley, the median price dipped minimally, down from $240,500 in July to $240,000 in August. Despite this minute decrease, sales improved, with 155 properties changing hands during the month, up one from the 154 sold in July. In August 2003, 194 homes sold with a median sales price of $216,250.

In Wellington’s Northern regions, the median price attained leapt from $292,063 in July to $320,000 in August. This is a significant improvement also on the $295,000 median price recorded August 2003. Unfortunately house sales didn’t reflect this growth and dipped to 75. This is 21 fewer than the 96 sold in July 2004, and 11 less than the 86 sold in August 2003.

In the Western suburbs, 32 homes were sold during August, three less than in July (35). The median price attained for these sales also fell, down from $387,000 in July to $349,000 in August. In August 2003, 45 houses changed hands with a median sales price of $285,000.

The median price for a property in Southern Wellington improved by $25,000 in August, reaching $375,000. This is significantly better than the $350,000 and $321,294 medians recorded in the previous month and year respectively. Sales volume also improved, with 49 homes selling during the month. This is two more than in July (47) and seven more than in August 2003 (42).

Sales turnover improved markedly in the strongly performing Eastern areas of Wellington, with 53 homes selling during August (July 2004: 37; August 2003: 47). The median price attained for a property in this region also grew, leaping from $350,000 in July to $378,000 in August (August 2003: $337,000).

In Central Wellington, the median price dipped slightly, settling at $318,510. This is less than the $332,000 median recorded in the previous month, but remains higher than the $315,000 median price recorded in August 2003. Sales turnover dropped slightly, with 56 sales recorded during the month. This is one less than the 57 sales recorded the month before, and 21 less than the 77 sales generated during the same month last year.

Nelson/Marlborough

The Nelson/Marlborough region demonstrated solid growth during August, improving in both sales volume and median price. In total, 222 properties were sold during August, up on the 203 houses that sold in July. The median price achieved for these sales also improved, reaching $270,000, an $8,000 increase on July’s result of $262,000. In August 2003, 334 homes sold with a median sales price of $238,000. The average price of a section in this region was $161,000.

The median price for a home in the Marlborough Sounds remained unchanged from July, at $320,000. Despite being static, this result is still a significant improvement on the $286,000 median recorded in August 2003. Sales volume more than tripled, with seven homes sold in August (July 2004: two; August 2003: two).

Sales volume and median price attained increased on a monthly comparison in the
Marlborough/Kaikoura areas in August. In total, 92 properties were sold, ten more than the 82 sold in July (August 2003: 134). The median price attained for a property in this area grew by $15,000 to reach $236,500. This is a significant increase on July’s result of $221,500, and August 2003’s result of $209,000.

August saw 123 properties change hands in Nelson, four more than the 119 sold in July.
Despite this improvement, the median price attained slipped to $282,000, down from $295,000 the month before. By comparison, in August 2003, 198 homes sold with a median sales price of $265,000.


Canterbury/Westland

The Canterbury/Westland region performed positively in August, with increases in both median sales price achieved and sales turnover. The median price for a residential property in the region reached $218,750, up from $216,000 in July and $162,500 in August 2003. In total, 1,076 properties changed hands during the month, an increase on the 1,069 sold the previous month (August 2003: 1,372).

In Christchurch’s central city, the median price attained for a home fell from $285,000 in July to $261,500 in August. Despite dipping on a month-by-month basis, this result is still substantially higher than the $210,000 median price recorded in August 2003. The number of homes sold followed this trend and decreased to 38 (July 2004: 51; August 2003: 51).

Sales in North Eastern areas of Christchurch improved on July’s results, with 52 homes sold during August. Despite being an improvement on the 46 sales recorded in July, the result remains less than the 64 sales recorded during the same month last year. The median price attained for a property in this area fell from $242,000 in July to $233,000 in August (August 2003: $190,000).

The median sales price for a residential property in the West inner suburbs of Christchurch dipped during August to $225,000 (July 2004: $247,000; August 2003: $186,000). Despite this decrease, sales volume improved, with 41 homes sold during the month. This is an improvement on the 31 and 30 sales generated in the previous month and year respectively.

The median price for a home in the west outer suburbs of Christchurch fell by $6,000 to $188,000 in August (July 2004: $194,000). Despite the easing in price, sales volume gained ground with 41 houses changing hands, up from 33 the month before. In August 2003, 44 houses sold with a median sales price of $162,750.

In North Western inner suburbs such as Merivale and Fendalton, 62 properties sold during August. This is four fewer than the 66 sold in July. Despite this dip in sales turnover, the median price achieved for these sales soared by over $30,000 to reach $403,000 (July 2004; $369,250). In August 2003, 75 homes sold in this area with a median sales value of $332,000.

In Christchurch City, the median price increased while sales volume dipped. In August, the median price reached $240,000 (July 2004: $235,000; August 2003: $185,000). Sales volume fell from 743 in July to 720 in August. In August 2003, 894 homes changed hands in the city.

Otago

August saw both sales volume and median prices increase in Otago. The median price rose from $180,000 to $183,000 in August. The number of homes sold grew, with 358 houses changing hands, up from 331 the previous month. In August 2003, 489 homes sold with a median sales price of $132,500. It took an average of 30 days for a house to sell in the region during August.

In Dunedin City, the median price climbed from $185,000 in July to reach $186,500 in August. Sales volume also improved, with 246 houses changing hands during the month, a substantial improvement on July’s 216 sales. In August 2003, 313 homes were sold with a median sales price of $132,000.

In Central Otago, 40 homes were sold during August (July 2004: 47, August 2003: 75). Despite the dip in sales turnover, the median price achieved improved, reaching $302,500. This result betters the median prices of $290,000 and $295,000 recorded in July 2004 and August 2003 respectively.

The median price for a home in Northern Otago fell by just over $10,000 to settle at $137,250 in August. In July the median price recorded was $148,750 and in August 2003 it was $114,500. Despite the dip in price, sales volume increased, with 38 homes selling during the month. This compares favourably to the 32 homes sold in July, while remaining fewer than the 64 homes sold in August last year.

The median price for a home in Southern Otago soared, increasing by a whopping $46,500 to reach $125,000 (July 2004: $78,500; August 2003: $56,500). Despite this result, sales volume fell slightly, with 24 homes changing hands during the month. This is five fewer than the 29 sold in July, and five more than the 19 sold in August 2003.

Eastern Otago was a solid performer in August, demonstrating solid growth in both median price achieved and sales volume. In total ten properties were sold in August, up on the seven sold in July (August 2003: 18). The median price attained for a property in this area improved by $9,000, reaching $124,000. This is a solid improvement on July’s result of $115,000 and August 2003’s result of $98,000.

Southland

The Southland region also performed well on a month-by-month comparison. August saw the median price for a home in this region jump from $118,000 to $126,750 in August. The number of properties sold also improved, with 268 sales recorded during the month, up from 251 in July. In August 2003, 326 houses were sold with a median sales price of just $110,000.
It took an average of 27 days for a home to sell in this region in August.

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS
FOR AUGUST 1997-2004

REGION AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Northland $147,500 $155,000 $170,000 $183,500 $195,000
Auckland $240,000 $264,000 $315,000 $340,000 $336,500
Waikato/BOP/Gisborne $161,000 $165,000 $180,000 $200,000 $210,000
Hawkes Bay $123,861 $134,250 $167,000 $190,000 $211,500
Manawatu/Wanganui $103,000 $112,000 $109,000 $140,000 $140,000
Taranaki $95,000 $110,000 $123,000 $176,500 $161,050
Wellington $200,000 $200,000 $225,000 $265,000 $265,000
Nelson/Marlborough $147,750 $150,010 $238,000 $262,000 $270,000
Canterbury/Westland $136,000 $147,750 $162,500 $216,000 $218,750
Otago $101,000 $100,000 $132,500 $180,000 $183,000
Southland $95,000 $77,000 $110,000 $118,000 $126,750
NZ Total $176,000 $185,000 $215,000 $249,000 $247,000

REGION AUG 97 AUG 98 AUG 99 AUG 00
Northland $135,000 $155,000 $140,500 $137,500
Auckland $233,000 $225,000 $230,000 $235,000
Waikato/BOP/Gisborne $150,000 $148,000 $155,000 $155,000
Hawkes Bay $119,500 $115,000 $115,250 $135,000
Manawatu/Wanganui $95,000 $95,750 $101,500 $95,000
Taranaki $95,500 $92,550 $93,500 $93,000
Wellington $152,000 $160,000 $170,000 $188,500
Nelson/Marlborough $143,500 $131,000 $141,500 $136,875
Canterbury/Westland $144,000 $140,000 $145,000 $143,000
Otago $87,000 $92,000 $104,500 $99,500
Southland $83,000 $75,000 $77,750 $73,000
NZ Total $165,000 $164,000 $169,000 $170,000

TOTAL DWELLING SALES FOR AUG 1997-2004
REGION AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Northland 207 184 295 240 276
Auckland 2,458 2,873 3,642 2,609 2,888
Waikato/BOP/Gisborne 939 1,174 1,720 1,395 1,432
Hawkes Bay 270 308 319 301 276
Manawatu/Wanganui 393 359 540 440 437
Taranaki 173 182 204 210 210
Wellington 912 912 952 753 748
Nelson/Marlborough 262 313 334 203 222
Canterbury/Westland 807 990 1,372 1,069 1,076
Otago 339 438 489 331 358
Southland 216 303 326 251 268
NZ Total 6,976 8,036 10,193 7,802 8,191

REGION AUG 97 AUG 98 AUG 99 AUG 00
Northland 214 134 136 148
Auckland 2,212 1,964 2,188 1,797
Waikato/BOP/Gisborne 1,178 802 904 763
Hawkes Bay 239 215 242 202
Manawatu/Wanganui 299 278 334 284
Taranaki 138 147 170 142
Wellington 800 767 917 803
Nelson/Marlborough 214 182 222 202
Canterbury/Westland 1,000 825 683 704
Otago 236 230 260 249
Southland 150 137 187 195
NZ Total 6,680 5,681 6,243 5,489


REGION $ Value of sales AUG 2004
Northland $70,012,051
Auckland $1,169,113,705
Waikato/BOP/Gisborne $352,656,383
Hawkes Bay $62,752,277
Manawatu/Wanganui $68,786,751
Taranaki $37,955,650
Wellington $222,375,303
Nelson/Marlborough $64,466,252
Canterbury/Westland $271,190,954
Otago $75,110,420
Southland $55,947,713
NZ Total $2,450,367,459


MEDIAN PRICE BY DISTRICT FOR AUG 2004

DISTRICT DWELLINGS SECTIONS
Northland $195,000 $120,000
Auckland $336,500 $205,000
Waikato/BOP/Gisborne $210,000 $93,250
Hawkes Bay $211,500 $110,000
Manawatu/Wanganui $140,000 $75,000
Taranaki $161,050 $60,000
Wellington $265,000 $135,000
Nelson/Marlborough $270,000 $161,000
Canterbury/Westland $218,750 $81,000
Otago $183,000 $132,500
Southland $126,750 $95,000
Total NZ$ $247,000 $118,000
* Dwelling includes houses, units, town houses, apartments, residential investment blocks and home and income.
Median Days to Sell (Residential Dwellings) – AUG 2001 – AUG 2004

REGION AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Northland 86 70 55 44 36
Auckland 48 31 22 32 33
Waikato/BOP/Gisborne 59 53 37 31 32
Hawkes Bay 64 40 21 30 35
Manawatu/Wanganui 56 52 31 27 26
Taranaki 53 30 31 28 32
Wellington 43 35 24 29 31
Nelson/Marlborough 37 28 20 33 43
Canterbury/Westland 50 35 19 23 24
Otago 52 35 18 27 30
Southland 41 21 21 30 27
NZ Total 51 35 25 30 31


Percentage Difference over 12 months

REGION AUG 03 AUG 04 % increase
Northland $170,000 $195,000 14.7
Auckland $315,000 $336,500 6.82
Waikato/BOP/Gisborne $180,000 $210,000 16.66
Hawkes Bay $167,000 $211,500 26.64
Manawatu/Wanganui $109,000 $140,000 28.44
Taranaki $123,000 $161,050 30.93
Wellington $225,000 $265,000 17.77
Nelson/Marlborough $238,000 $270,000 13.44
Canterbury/Westland $162,500 $218,750 34.61
Otago $132,500 $183,000 38.11
Southland $110,000 $126,750 15.22
NZ Total $215,000 $247,000 14.88
AUCKLAND BY REGION AUG 2001-2004
MEDIAN
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Nth Shore $255,000 $294,165 $357,500 $397,000 $399,000
Waitakere $188,000 $208,000 $244,750 $293,000 $282,500
Akl City $279,000 $302,000 $380,000 $385,000 $365,000
Manukau $240,000 $264,500 $311,500 $315,000 $315,000
Papakura $175,000 $190,000 $195,000 $230,000 $243,000
Metro Akl $244,625 $270,000 $325,000 $343,500 $339,000
NUMBER SOLD
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Nth Shore 430 514 721 473 475
Waitakere 313 379 510 365 395
Akl City 929 1,037 1,178 832 946
Manukau 476 608 639 541 618
Papakura 60 71 120 103 106
Metro Akl 2,208 2,609 3,168 2,314 2,540

WAIKATO/BOP BY REGION AUG 2001-2004
MEDIAN
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Hamilton City $165,000 $166,000 $188,000 $216,000 $223,000
Mt Maunganui/
Papamoa $242,000 $225,000 $284,500 $345,000 $405,000
Tauranga $177,000 $190,000 $213,750 $266,500 $283,500
Rotorua $137,000 $137,000 $133,375 $135,000 $138,000
Taupo $171,000 $185,000 $212,500 $279,000 $305,000
Gisborne City $87,000 $110,750 $123,000 $142,500 $125,100
NUMBER SOLD
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04

Hamilton City 236 295 372 286 366
Mt Maunganui/
Papamoa 97 163 184 101 110
Tauranga 133 159 242 178 188
Rotorua 87 89 162 173 144
Taupo 62 82 110 74 53
Gisborne City 47 58 67 84 73

WELLINGTON BY REGION AUG 2001-2004
MEDIAN
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Hutt Valley $175,000 $168,000 $216,250 $240,500 $240,000
Northern $250,000 $242,500 $295,000 $292,063 $320,000
Western $275,000 $326,250 $285,000 $387,000 $349,000
Southern $225,000 $253,353 $321,294 $350,000 $375,000
Eastern $245,000 $292,000 $337,000 $350,000 $378,000
Central $252,500 $297,000 $315,000 $332,000 $318,510
NUMBER SOLD
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Hutt Valley 217 206 194 154 155
Northern 107 94 86 96 75
Western 51 56 45 35 32
Southern 48 59 42 47 49
Eastern 53 44 47 37 53
Central 57 71 77 57 56


NELSON BY REGION AUG 2001-2004
MEDIAN
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Marlborough Sounds $201,000 $335,000 $286,000 $320,000 $320,000
Marlborough/
Kaikoura $125,000 $132,500 $209,000 $221,500 $236,500
Nelson Total $155,000 $161,000 $265,000 $295,000 $282,000
NUMBER SOLD
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Marlborough Sounds 6 7 2 2 7
Marlborough/
Kaikoura 67 118 134 82 92
Nelson Total 189 188 198 119 123


CHRISTCHURCH BY REGION AUG 2001-2004
MEDIAN
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
City Central $144,000 $175,000 $210,000 $285,000 $261,500
N/East
Avndl/Aside/Burwd Park $141,000 $160,000 $190,000 $242,000 $233,000
W/Inner
Riccn/Upper Riccn $147,500 $158,000 $186,000 $247,000 $225,000
W/Outer
Hrnby/Heih/Sckbn $117,500 $126,000 $162,750 $194,000 $188,000
N/W Inner
Meriv/Fendn/Ilam $250,000 $280,000 $332,000 $369,250 $403,000
ChCh City Total
All 19 sub-regions $147,500 $157,000 $185,000 $235,000 $240,000
NUMBER SOLD
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
City Central 29 31 51 51 38
N/East
Avndl/Aside/Burwd Park 54 65 64 46 52
W/Inner
Riccn/Upper Riccn 17 27 30 31 41
W/Outer
Hrnby/Heih/Sckbn 34 33 44 33 41
N/W Inner
Meriv/Fendn/Ilam 55 61 75 66 62
ChCh City Total
All 19 sub-regions 565 694 894 743 720


OTAGO BY REGION AUG 2001-2004
MEDIAN
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Dunedin City $107,500 $105,350 $132,000 $185,000 $186,500
Central Otago $202,250 $140,000 $295,000 $290,000 $302,500
North Otago $81,500 $72,000 $114,500 $148,750 $137,250
South Otago $64,000 $48,750 $56,500 $78,500 $125,000
East Otago $70,000 $59,000 $98,000 $115,000 $124,000
NUMBER SOLD
AUG 01 AUG 02 AUG 03 JULY 04 AUG 04
Dunedin City 230 264 313 216 246
Central Otago 44 73 75 47 40
North Otago 46 57 64 32 38
South Otago 10 36 19 29 24
East Otago 9 8 18 7 10
National Sales Distribution
AUG 2003 JULY 2004 AUG 2004
$400,000 & under 8,613 6,337 6,619
$400,001-$600,000 1,047 946 1,060
Over $600,000 533 519 512
Total 10,193 7,802 8,191

ENDS

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