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Housing prices hit new records

THE NATIONAL median selling price for New Zealand residential properties has defied predictions with an increase from $247,000 to a new record of $250,000 in September, according to the National President of the Real Estate Institute of New Zealand, Mr Howard Morley.
He said rising interest rates were dampening the market down, finally, in terms of sales activity but values were remaining relatively steady with seven regions experiencing increases, three decreases and one region with an unchanged median.
"Despite exaggerated reports of decreases in Auckland prices, overall the Auckland market is surviving pretty well, in fact the median price increased during September to just under its record level of $340,000 that was set in July 2004. Certainly some reduction in higher end property values has occurred in what is a relatively tight market at that level, but overall Auckland has matched the national median surprisingly well."
The Auckland median was up slightly from $336,500 to $337,000, which included an unchanged Metropolitan Auckland median of $339,000 and an Auckland City median to $385,000.
The Northland median was unchanged at $195,000, but in some other regions prices weakened.
Hawke's Bay was down from $211,500 to $196,100, Taranaki was down from $161,050 to $158,500 and Nelson/Marlborough slipped from $270,000 in August to $250,000, the latest of a series of significant declines in recent months.
Waikato/Bay of Plenty/Gisborne was up from $210,000 to $212,500, Manawatu/Wanganui was up from $140,000 to $146,000 and Wellington increased from $265,000 to $270,000.
Canterbury/Westland was another region to show a gain, rising from $218,750 in August to $223,250 in September.
Otago also lived up to previous form with an increase from $183,000 to $186,550 and Southland was also up, from $126,750 in August to the latest figure of $132,000.
On an annual basis the national median is up 16.3 per cent with Southland showing the biggest percentage increase at 38.9 per cent and Auckland the lowest at 5.6 per cent.
Median days to sell remained steady at 31, with Auckland showing signs of revival with days to sell falling from 33 in August to 31, Canterbury/Westland having the shortest days to sell figure of 22 and Nelson/Marlborough having the longest at 52 days.