Property market improved from 2000

REAL ESTATE INSTITUTE OF NEW ZEALAND 15 June 2001

Property market improved from 2000

Residential property statistics for May 2001, released today by the Real Estate Institute of New Zealand, show residential property sales have significantly improved from April 2001, while the national median sales price has eased slightly over the same period.

The national sales volume for May 2001 was 6,461, easing slightly from the 6,506 sales in April but well improved from the 5,424 homes changing hands in May 2000, according to Rex Hadley, National President of the Institute.

Mr Hadley said, "The slight easing in sales volumes on a month-to-month basis should not be regarded as a trend. The volume only eased by 45 transactions between the two months and in comparison to the same month last year, transactions have increased by over a 1,000 sales.”

The total value of sales nationwide in May 2001 of $1,315,182,587 was well improved on the $1,076,664,716 recorded twelve months ago, but had eased from April’s figure of $1,423,745,699.

Mr Hadley said, “Again this month we see a very strong result in the total value of sales. The combination of this and the increase in sales on a year-to-year basis paints a very positive picture for residential property market in 2001.”

The national median sales price fell $8,000 to $170,000 in May, compared to the $178,000 recorded in April. Property values also eased from May 2000, which recorded a median sales price of $172,000.

On a year-to-year basis, the median sale price rose for five of the eleven regions, those being; Northland, Hawkes Bay, Wellington, Nelson/Marlborough and Taranaki. Those regions easing on year-to-year comparison were Waikato/BOP/Gisborne, Auckland, Canterbury/Westland, and Otago while property values remained stable at $100,000 and $75,000 respectively for Manawatu/Wanganui and Southland.

The median sale price for eight of the eleven regions fell on a month-to-month basis, namely; Auckland, Northland, Manawatu/Wanganui, Waikato/BOP/Gisborne, Taranaki, Hawkes Bay, Southland and Otago, the increases ranging between $1,250 and $8,000. Those regions that improved on month-to-month comparison were, Nelson/Marlborough and Wellington, while Canterbury/Westland property values remained stable at $135,000 for both April and May 2001.

Section activity and median section price increased with 574 sections changing hands at a median price of $80,000, compared to 487sections sold during April at the median price of $78,000.
-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

Regional highlights:

NORTHLAND
A total of 132 homes changed hands in Northland, compared to 164 in April. The median price for the area was $152,500, up from both the $150,000 recorded in the previous month and the $135,000 for May last year, when 155 homes were sold.

AUCKLAND
In Auckland, 2,110 home settlements were recorded during May, down on the 2,360 recorded in April and up on the 1,722 homes that changed hands in May 2000. The median price for the region was $235,000 May compared to $248,500 for April, and the $237,750 recorded for May 2000.

On the North Shore, the median price fell to $263,150 for May from the $276,000 for April and rose on the $262,000 recorded in May 2000. Home sales rose from the 291 in May 2000 and eased from the 515 sales in April to 378 in May 2001.

A total of 266 homes were sold in Waitakere City, up from both the 222 recorded last month and the 265 sales recorded last May. The median price was $194,000, up on both the $183,500 recorded in April and the $190,000 for May 2000.

In Auckland City 763 homes changed hands, down from the 879 sales recorded in April and down from the 547 sales recorded in May 2000. The median price of $267,500 was down on both the $275,000 recorded for April and the $270,000 recorded twelve months ago.

Home sales and the median sale price fell in Manukau City, with 430 homes changing hands at a median price of $222,750. This compared with 439 sales and a median price of $237,500 in April and 358 sales recorded last May at a median price of $236,000.

In the Papakura district, 61 homes changed hands, compared to 55 in April and 57 in the same month last year. The median price of $204,000 was up on both the $188,000 recorded in April and the $195,000 for May 2000.

A total of 1,898 home settlements were recorded in Metropolitan Auckland, down from the 2,110 in April and up on the 1,518 recorded for the same month last year. The median price of $240,000 was down on the $252,500 recorded for April 2001 and the 242,000 recorded for May 2000.

WAIKATO/BAY OF PLENTY/GISBORNE
Sales fell in the Waikato/Bay of Plenty/Gisborne region with 935 homes changing hands, compared to 944 in April. The median price was $155,000, compared with $165,000 in April and $157,000 in May 2000 when 710 homes changed hands.

HAWKE’S BAY
The sales volume rose and median price fell in May with a total of 248 homes changing hands at a median price of $123,500, compared to $128,000 and 185 sales in April. This compared to 268 sales and a median price of $122,250 a year ago.

MANAWATU/WANGANUI
The sales volume in the region rose on a year to year basis and fell on month to month comparison with 297 home settlements recorded in May compared to 321 in April and 256 in May last year. The median price of $100,000 was down on the $109,000 of the previous month and consistent with the $100,000 recorded in May 2000.

TARANAKI
Sales volume rose on a month to month basis with 175 homes changing hands compared to 164 in April. The median price fell to $100,000 for May compared to $106,500 for April. The sales volume for May 2000 was $100,000 when 136 homes were sold.

WELLINGTON
The median price in the Wellington region rose to $198,000 from the $195,000 recorded in April 2001 and the $185,000 in May 2000. The sales volume fell on both the previous month and on year to year comparison, from 896 recorded sales in April to 927 homes in May 2001, and compared to 814 sales in the same month last year.

NELSON/MARLBOROUGH
Sales volumes rose in May with 246 homes sold in the Nelson/Marlborough area, compared to 221 sales in April. The median price of $152,750 was up on the $147,500 recorded in April, and also improved on the $145,000 recorded last May when 227 homes were sold.

CANTERBURY/WESTLAND
The median price remained stable in the Canterbury region at $135,000 for both April and May, but fell from the $146,000 recorded in May 2000. A total of 805 home settlements were recorded, up on both the 701 recorded in April and the 730 sales recorded in May last year.

OTAGO
Sales volume rose and median price fell in Otago on a month to month basis with 330 homes sold during May, at a median price of $94,000 compared to 338 sales and a median of $99,250 in April. In May last year 284 sales were recorded at a median price of $102,000.

SOUTHLAND
The median price fell in the Southland region from $96,000 in April to $75,000 in May. Sales volumes rose, with 256 homes changing hands, compared to April when 212 homes were sold. This compared to a median of $75,000 last May when 122 homes changed hands.
REINZ PROPERTY MARKET REPORT

TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR MAY 1996-2001

REGION MAY96 MAY97 MAY98 MAY99 MAY00 APR01 MAY01
Northland 115,000 138,000 147,500 153,000 135,000 150,000 152,500
Auckland 227,500 235,000 232,000 230,000 237,750 248,500 235,000
Waikato/BOP/Gisborne 133,000 145,000 150,000 156,500 157,000 165,000 155,000
Hawkes Bay 117,750 128,100 120,000 127,000 122,250 128,000 123,500
Manawatu/Wanganui 95,000 101,000 96,000 102,000 100,000 109,000 100,000
Taranaki 95,000 95,250 91,000 95,000 94,500 106,500 100,000
Wellington 139,500 152,000 168,500 170,000 185,000 195,000 198,000
Nelson/Marlborough 135,750 133,500 145,500 142,500 145,000 147,500 152,750
Canterbury/Westland 132,000 138,450 140,000 140,000 146,000 135,000 135,000
Otago 95,875 97,000 95,000 86,000 102,000 99,250 94,000
Southland 80,000 85,000 66,500 76,000 75,000 96,000 75,000
NZ Total $148,000 $162,500 $164,000 $167,875 $172,000 $178,000 $170,000

TOTAL DWELLING SALES FOR MAY 1996-2001
REGION MAY96 MAY97 MAY98 MAY99 MAY00 APR01 MAY01 Value of sales
MAY 2001
Northland 261 251 138 140 155 164 132 26,965,442
Auckland 2,592 2,658 1,675 2,501 1,722 2,360 2110 601,355,341
Waikato/BOP/Gisborne 1,330 1,382 785 1,066 710 944 935 161,026,992
Hawkes Bay 248 285 173 258 268 185 248 34,717,634
Manawatu/Wanganui 336 365 275 378 256 321 297 32,191,350
Taranaki 168 191 137 165 136 164 175 19,050,867
Wellington 953 988 815 1,144 814 896 927 205,565,020
Nelson/Marlborough 257 242 170 250 227 221 246 40,660,970
Canterbury/Westland 1,304 1,180 822 826 730 701 805 124,426,675
Otago 342 291 216 308 284 338 330 38,247,615
Southland 234 198 133 177 122 212 256 30,974,681
NZ Total 8,025 8,031 5,339 7,213 5,424 6,506 6,461 1,315,182,587

MEDIAN PRICE BY DISTRICT FOR MAY 2001

DISTRICT DWELLINGS SECTIONS
Northland 152,500 86,000
Auckland 235,000 115,500
Waikato/BOP/Gisborne 155,000 68,250
Hawkes Bay 123,500 53,000
Manawatu/Wanganui 100,000 45,000
Taranaki 100,000 33,500
Wellington 198,000 81,250
Nelson/Marlborough 152,750 75,000
Canterbury/Westland 135,000 78,000
Otago 94,000 78,000
Southland 75,000 75,000
Total NZ $170,000 $80,000
* Dwelling includes houses, units, town houses, apartments, residential investment blocks and home and income.

AUCKLAND BY REGION MAY 1999 – 2001

Median
MAY 99 MAY 00 APR 01 MAY 01
Nth Shore 250,500 262,000 276,000 263,150
Waitakere 190,000 190,000 183,500 194,000
Akl City 265,000 270,000 275,000 267,500
Manukau 233,000 236,000 237,500 222,750
Papakura 187,000 195,000 188,000 204,000
Metro Akl 235,000 242,000 252,500 240,000
Number Sold
MAY 99 MAY 00 APR 01 MAY 01
Nth Shore 493 291 515 378
Waitakere 379 265 222 266
Akl City 847 547 879 763
Manukau 501 358 439 430
Papakura 55 57 55 61
Metro Akl 2,275 1,518 2,110 1,898

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