REINZ House Sales And Median Prices Slip in April... | Stuff.co.nz

The number of national residential property sales hit a six-year record for the April month but median house prices slipped back from a high in March.

Figures released by the Real Estate Institute of New Zealand (REINZ) show 7104 residential property sales for April, a 25 per cent rise on the same month in 2012 and the highest April sales number for six years.

However, April sales fell 12.6 per cent compared with March.

Four regions recorded an increase in sales volume in April compared to March, with Central Otago Lakes recording an increase of 11 per cent, followed by Manawatu/Wanganui with 2 per cent.

Sales volumes in Auckland increased 30 per cent for the month of April 2013 compared to the month of April 2012, but fell 16 per cent compared with March this year.

Manawatu/Wanganui recorded an increase of 36.5 per cent in April residential sales compared with April last year, followed by Taranaki with a 36 per cent rise from the same month last year.

The national median price declined 2.4 per cent to $390,500 compared to March after reaching a new record high of $400,000 last month, but remained 7 per cent higher than April 2012.

REINZ said Auckland and Canterbury prices were continuing to have an impact with Auckland recording the second-largest increase in median price for the month compared with April last year, and Canterbury the third-largest increase in median price.

Median prices in Auckland from April to April rose $65,000 but again were down on March, $7000 or 1.2 per cent with Auckland City's median price dropping 7.8 per cent for the same period.

Together, Auckland and Canterbury accounted for 92 per cent of the increase in the national median price over the past 12 months.

Four of New Zealand's 12 regions recorded a drop in the median price. Central Otago Lakes recorded the largest fall, down 10 per cent followed by Hawke's Bay, down 6.4 per cent and Nelson/Marlborough, down 2.2 per cent.

Taranaki recorded the largest increase in median price compared to April 2012, rising 12.9 per cent, followed by Auckland with 13.3 per cent and Canterbury-Westland with 10 per cent.

REINZ chief executive Helen O'Sullivan, said April was notable for the surge in prices and sales of mid-level homes in many parts of the country.

"Several regions appear to be benefiting from the tail-wind generated by the strength of house prices in Auckland and Christchurch," she said.

Of the residential properties sold last month, more than 50 per cent sold for under $400,000. A further 25 per cent sold for between $400,000 and $599,000.

Houses took 34 days to sell in April, three days longer than March.

- ? Fairfax NZ News

Source: http://www.stuff.co.nz/business/money/8666026/House-sales-and-prices-slip-in-April

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