Home > Our Publications > New Zealand Outlook > 2001 > July

SALES of houses and house prices are staring to rise in New Zealand, after a slow year, with half of the country's regions reporting higher prices.
The Real Estate of New Zealand, releasing the figures, said it expected the growth in house sales would continue.
Institute president Rex Hadley said 10 of the 11 regions had an increase in sales and about half also recorded an increase in the median price.
"The latest figures are an indication that New Zealand homeowners are now re-entering the property market, assured that the current economic environment is positive for home owners and will be positive for some time to come," Mr Hadley said.
The institute, buoyed by the recent lowering of the official cash rate, believed the growth in house sales would continue for some time, he said.
Otago president Joan Harnett-Kindley said Dunedin had performed consistently and Central Otago continued to be an active sector.
Dunedin's median sale prices were $104,000 for the homes and $47,500 for the sections.
In Central Otago, which includes Wanaka and Alexandra but not Queenstown, homes sold for a median price of $123,500 and sections for a median $88,500.
North Otago real estate agents sold 37 homes and two sections, for median prices of $65,000 and $33,500 respectively.
South Otago and East Otago each record one sale of a section, for $15,000 and $13,00 respectively.
South Otago, had a median sale price of $51,500, and in East Otago, a median price of $38,750.