NZ home sales creep up in March, still subdued   16 Apr 2010

Businesswire – Total residential sales crept up last month from February, though the pace of the recovery is still subdued, according to the latest Real Estate Institute of New Zealand data.

Total residential house sales climbed 23% to 6,161 last month from February, though they were down 8% compared to March 2009, according to REINZ figures released today. Buyers were making their decisions much more quickly, with the average time to sell down to 35 days, compared to 46 days in February and 44 days in the same month a year earlier. The national average median price rose to $360,500 in March from $350,000 in February, and $335,000 the same month a year ago.

“What is happening now is in strong contrast to the market in November when listed were short and prices went up because demand was not being met,” said Peter McDonald, REINZ president, in a statement. “We are still seeing prices going up as a result of strong demand from genuine home buyers.”

The property market has been subdued this year as banks approve fewer mortgages and demand for new housing eases from last year’s peak. House values have been flat for the past few months, and rose 6.1% in the 12 months through March, according to QV Valuations.

The REINZ monthly housing price index, which was constructed with the Reserve Bank to provide a more accurate reading of house prices, rose 1.7% to 3,268.6 in March. Prices have increased 6.8% from March 2009, and are 3.3% below their peak in November 2007. Still, over the three months to March, prices fell 1.3%, according to the index.

Auckland house prices jumped to $475,500 in March from $453,500 in February, while sales rose to 2,187 from 1,578 a month earlier. Prices in Wellington increased to $409,000 from $392,000 in February, while sales increased to 763 from 607.

Prices in Christchurch dropped to $320,000 in March from $329,000 a month earlier, though the number of sales increased to 595 from 519. Dunedin prices rose to $249,000 last month from $235,000 in February, with sales up to 213 from 175.

(BusinessWire)

Add a comment

Bookmark and Share

News

Two decades of marine protection celebrated at Te Tapuwae o Rongokako in Tairawhiti

16 Nov 2019 Environment By Hon Eugenie Sage
16 NOVEMBER 2019 A marine conservation milestone - the 20th anniversary of the establishment of Te Tapuwae o Rongokako Marine... more

Royal visit takes Prince Charles and Duchess Camilla from Waitangi to Christchurch

19 Nov 2019 News By Katie Doyle
18 November 2019  Domestic violence services, conservation and education are all on the list for the royal... more

Business

NZ-China FTA upgrade negotiations conclude

5 Nov 2019 Business News By Rt Hon Jacinda Ardern
4 NOVEMBER 2019 Prime Minister Jacinda Ardern and Minister for Trade and Export Growth David Parker have announced the conclusion of... more

National interest test added to overseas investment rules

19 Nov 2019 Business News By Hon David Parker
19 NOVEMBER 2019 The Government is delivering on its promise to protect New Zealanders’ interests by applying a new national... more

Living

Hawke's Bay wins big at the New Zealand Wine Awards

15 Nov 2019 Food & Wine
A Hawke’s Bay Syrah has won the New Zealand Wine of the Year™ Champion 2019 trophy, while a Hawke’s Bay winery has... more

Wagner Opera and fire dancing Samoans aim to raise awareness around knife crime in London

16 Nov 2019 Arts
Wielding innovation whilst upholding tradition needs knife-like precision to be effective, and that’s what Wandsworth-based... more

Property

Fairer rules for tenants and landlords

17 Nov 2019 Property By Minister Kris Faafoi
17 NOVEMBER 2019 The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more

New Zealand Government will not implement a Capital Gains Tax

17 Apr 2019 Property By RT HON JACINDA ARDERN
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more

Migration

Boosting border security with electronic travel authority – now over 500,000 issued

19 Nov 2019 Migration By Hon Iain Lees-Galloway
19 NOVEMBER 2019 We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more

Christchurch reinstated as refugee settlement location

18 Aug 2018 Migration
18 AUGUST 2018 HON IAIN LEES-GALLOWAY The announcement that Christchurch can once again be a settlement location for refugees... more

Travel

Arrival card change to smooth border process for international travellers to NZ

26 Sep 2018 Travel & Tourism By Hon Kris Faafoi
25 SEPTEMBER 2018 International travellers arriving into New Zealand should have a simpler, faster entry as a result of changes to... more

NZ Government to fully fund Auckand's SkyPath as part of $390m investment in walking and cycling

25 Aug 2018 Travel & Tourism
23 AUGUST 2018 HON PHIL TWYFORD HON JAMES SHAW Transport Minister Phil Twyford and Acting Associate Transport Minister James Shaw have... more

Sport

The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners

27 Oct 2019 Cricket By Charlotte Everett
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more

PREVIEW: All Blacks v England semi-final

26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade First published on Werewolf The ghastly likes of Marine Le Pen in France and Geert ... more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome Well um.. on the bright side, there (probably)... more

Kiwi Success

Congratulations to Loder Cup winner

26 Sep 2018 People By Hon Eugenie Sage
25 SEPTEMBER 2018 The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more

Appointments to New Zealand National Commission for UNESCO

16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO HON JENNY SALESA Associate Education Minister Jenny Salesa is... more

Recruitment

Historic pay equity settlement for education support workers

14 Aug 2018 Recruitment By RT HON JACINDA ARDERN
14 AUGUST 2018Historic pay equity settlement for education support workers RT HON JACINDA ARDERN HON CHRIS HIPKINS Prime Minister The... more

Historic pay equity settlement for education support workers

22 Aug 2018 Recruitment By RT HON JACINDA ARDERN
14 AUGUST 2018Historic pay equity settlement for education support workers RT HON JACINDA ARDERN HON CHRIS HIPKINS Prime Minister The... more