Residential Sales Volumes On The Rise

19 March 2001

Residential property statistics for February 2001, released today by the Real Estate Institute of New Zealand, show residential sales have improved significantly from January 2000, and the total value of sales nationwide rose over the last month, from $994,952,763 for January 2001 to $1,291,040,466 in February 2001, according to Rex Hadley, National President of the Institute.

The national sales volume for February 2001 was 6,182, rising from the 4,741 sales in January. Sales were relatively stable on a year to year basis, with only 210 more homes changing hands in February 2000 than in 2001.

Mr Hadley said, "Regional sales volumes have improved throughout New Zealand, with ten of the eleven regions showing increases on January 2001.

“The Institute is very pleased to see sales volumes rising as while home have held their value well over the last three to four months, sales have remained relatively subdued, despite significant easing of mortgage interest rates across the board.
“The low dollar and general lack of confidence in the economy was reflected in residential property transactions, but I believe that 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 homeowners and will be positive for some time to come.

“The recent lowering of the official cash rate indicates a continuation of the current low interest rate environment, and thus the Institute believes that house sales will continue to grow for the foreseeable future.”

The national median sales price eased $1,500 to $173,500, compared to $175,000 in January.
Mr Hadley said that the median sale price for only two of the eleven regions eased on a year to year basis, namely; Taranaki and Southland.
The latest statistics saw the Northland median rise, from $131,000 in February 2000 to $156,000 in February 2001.
The Auckland, Manawatu/Wanganui, Wellington, Waikato, Hawkes Bay, Canterbury / Westland, Otago and Nelson/Marlborough medians also rose, Auckland from $240,000 in February 2000 to $247,000 in the latest period and Wellington from $184,000 to $189,050.
Section activity increased while median section price decreased with 485 sections changing hands at a median price of $78,00, compared to 415 sections sold during January at the median price of $81,000.

-ENDS-

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

For further information contact: Mr Rex Hadley, National President
The Real Estate Institute of New Zealand Inc
Phone: (07) 839 5085
Mobile: (025) 904 015
Issued by Shandwick (NZ) Limited Phone: (09) 307 1722
(025) 230 5768
Regional highlights:

NORTHLAND
A total of 144 homes changed hands in Northland, compared to 153 in January. The median price for the area was $156,000, up from the $149,000 recorded in the previous month and the $131,000 for February last year, when 141 homes were sold.

AUCKLAND
In Auckland, 1,895 home settlements were recorded during February, up on the 1,450 recorded in January but down on the 2,014 homes that changed hands in February 2000. The median price for the region rose to $247,000 for February, from the $240,000 recorded for both January 2001 and February 2000.

On the North Shore, the median price rose to $269,000 for February from $265,000 for January and the $260,000 recorded in February 2000. Home sales rose from both the 348 in February 2000 and the 293 sales in January to 403 in February 2001.

A total of 186 homes were sold in Waitakere City, up from the 172 recorded last month and down from the 273 sales recorded last February. The median price was $183,750, down on the $199,000 recorded in January and the $205,000 for February 2000.

In Auckland City 665 homes changed hands, up from the 497 sales recorded in January and down on the 677 sales recorded in February 2000. The median price of $288,000 was up on both the $262,000 recorded for January and the $274,000 recorded twelve months ago.

Home sales rose and the median sale price fell in Manukau City, with 376 homes changing hands at a median price of $232,000. This compared with 293 sales and a median price of $237,000 in January and 382 sales recorded last February at a median price of $236,000.

In the Papakura district, 37 homes changed hands, compared to 27 in January and 61 in the same month last year. The median price of $205,000 was up on both the $165,000 recorded in January and the $200,000 for February 2000.

A total of 1,667 home settlements were recorded in Metropolitan Auckland, up from the 1,282 in January and down on the 1,741 recorded for the same month last year. The median price of $255,000 was up on the $245,000 recorded for January 2001 and February 2000.

WAIKATO/BAY OF PLENTY/GISBORNE
Sales rose in the Waikato/Bay of Plenty/Gisborne region with 889 homes changing hands, compared to 682 in January. The median price was $163,000, compared with $160,500 in January and $156,000 in February 2000 when 962 homes changed hands.

HAWKE’S BAY
The sales volume rose and median price fell in February with a total of 231 homes changing hands at a median price of $128,000, compared to $136,000 and 173 sales in January. This compared to 261 sales and a median price of $127,000 a year ago.

MANAWATU/WANGANUI
The sales volume in the region rose on a month to month but fell on year to year basis with 315 home settlements recorded in February compared to 249 in January and 347 in February last year. The median price of $113,000 was up on both the $105,000 of the previous month and the $112,000 recorded in February 2000.

TARANAKI
Sales volume rose with 143 homes changing hands compared to 127 in January. The median price eased to $100,000 for February compared to $106,500 for January and $112,500 recorded in February last year when 153 homes were sold.

WELLINGTON
The median price in the Wellington region fell to $189,050 from January’s $195,000 but rose on the $184,000 recorded twelve months ago. The sales volume rose on the previous month but fell year to year comparison, from 717 recorded sales in January to 908 homes in February 2001, and compared to 1,002 sales in the same month last year.

NELSON/MARLBOROUGH
Sales volumes rose in February with 275 homes sold in the Nelson/Marlborough area, compared to 190 sales in January. The median price of $146,500 was down on the $152,000 recorded in January, and up on the $145,750 recorded last February when 234 homes were sold.

CANTERBURY/WESTLAND
The median price rose in the Canterbury region during to $147,000 from both the $142,000 recorded in January, and the $141,250 recorded in February 2000. A total of 810 home settlements were recorded, up on the 571 recorded in January and down on the 838 sales recorded in February last year.

OTAGO
Sales volume rose and median price fell in Otago on a month to month basis with 354 homes sold during February, at a median price of $101,000 compared to 272 sales and a median of $109,000 in January. In February last year 277 sales were recorded at a median price of $96,000.

SOUTHLAND
The median price fell in the Southland region from $106,000 in January to $79,000 in February. Sales volumes rose, with 218 homes changing hands, compared to January when 157 homes were sold. This compared to a median of $82,750 last February when 163 homes changed hands.
REINZ PROPERTY MARKET REPORT

TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR FEBRUARY 1996-2001

REGION FEB96 FEB97 FEB98 FEB99 FEB00 JAN01 FEB01
Northland 110,000 126,000 140,000 135,000 131,000 149,000 156,000
Auckland 220,000 235,000 238,250 235,000 240,000 240,000 247,000
Waikato/BOP/Gisborne 131,250 142,000 147,750 153,000 156,000 160,500 163,000
Hawkes Bay 126,000 124,000 127,000 135,000 127,000 136,000 128,000
Manawatu/Wanganui 99,000 98,500 95,000 105,400 112,000 105,000 113,000
Taranaki 98,100 95,000 96,575 106,000 112,500 106,500 100,000
Wellington 140,000 145,000 166,000 175,000 184,000 195,000 189,050
Nelson/Marlborough 133,000 135,000 141,000 136,000 145,750 152,000 146,500
Canterbury/Westland
(incl Sth Canterbury) 133,500 136,000 138,500 147,500 141,250 142,000 147,000
Otago 100,000 107,873 89,500 93,000 96,000 109,000 101,500
Southland 75,000 83,750 66,000 82,500 82,750 106,000 79,000
NZ Total $153,500 $160,000 $160,000 $170,000 $171,000 $175,000 173,500

TOTAL DWELLING SALES FOR FEBRUARY 1996-2001

REGION FEB96 FEB97 FEB98 FEB99 FEB00 JAN01 FEB01 Value of sales
FEB 2001
Northland 303 277 150 197 141 153 144 28,748,500
Auckland 3,877 2,815 1,553 2,261 2,014 1,450 1,895 563,547,729
Waikato/BOP/Gisborne 1,636 1,328 888 1,043 962 682 889 164,956,391
Hawkes Bay 224 227 191 232 261 173 231 33,486,683
Manawatu/Wanganui 421 347 298 379 347 249 315 41,432,116
Taranaki 229 161 146 173 153 127 143 17,521,961
Wellington 1,062 921 921 1,129 1,002 717 908 194,138,524
Nelson/Marlborough 305 247 212 288 234 190 275 45,033,750
Canterbury/Westland
(incl Sth Canterbury) 1,341 1,240 867 874 838 571 810 134,039,582
Otago 374 305 253 326 277 272 354 42,653,347
Southland 252 212 135 154 163 157 218 25,481,883
NZ Total 1,0024 8,080 5,614 7,056 6,392 4,741 6,182 1,291,040,466

MEDIAN PRICE BY DISTRICT FOR
FEBRUARY 2001

DISTRICT DWELLINGS SECTION
Northland 156,000 87,500
Auckland 247,000 125,000
Waikato/BOP/Gisborne 163,000 65,000
Hawkes Bay 128,000 79,000
Manawatu/Wanganui 113,000 29,375
Taranaki 100,000 9,000
Wellington 189,050 77,000
Nelson/Marlborough 146,500 71,000
Canterbury/Westland (incl. Sth Canterbury) 147,000 78,750
Otago 101,500 75,000
Southland 79,000 57,000
Total NZ 173,500 78,000
* Dwelling includes houses, units, town houses, apartments, residential investment blocks and home and income.

AUCKLAND BY REGION FEB 1999 – 2001

Median
FEB 99 FEB 00 JAN 01 FEB 01
Nth Shore 245,000 260,000 265,000 269,000
Waitakere 195,000 205,000 199,000 183,750
Akl City 280,000 274,000 262,000 288,000
Manukau 226,500 236,000 237,000 232,000
Papakura 185,000 200,000 165,000 205,000
Metro Akl 238,000 245,000 245,000 255,000

Number Sold
FEB 99 FEB 00 JAN 01 FEB 01
Nth Shore 387 348 293 403
Waitakere 326 273 172 186
Akl City 816 677 497 665
Manukau 431 382 293 376
Papakura 59 61 27 37
Metro Akl 2,019 1,741 1,282 1,667

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