Upward Trend In Residential Property Continues

Residential property statistics for August 2001, released today by the Real Estate Institute of New Zealand, indicate a sustained improvement in the New Zealand residential property market, with the total value of sales increasing by approximately 20 million dollars from last month.

According to Mr Rex Hadley, National President of the Institute, the total value of sales nationwide in August 2001 of $1.45 billion, compared to $1.25 billion in July and 1.08 billion in August 2000 marks the ongoing improvement in the residential property market from 2000.

He said, “While last month we saw the total expenditure in the property market increase by $190 million on a year to year basis, the increase from August 2000 to August 2001 is even more marked, the total value of sales rising by 370 million.”

The national sales volume and the national median sales price have risen significantly from both August 2000 and July 2001.

Property values improved on a year to year and month to month basis, the national median sales price rising $6,000 to $176,000 in August, compared to the $170,000 recorded in both July 2001 and August 2000, according to Mr Hadley.

He said, "Obviously the Institute is very pleased with the August statistics, however the impact on the New Zealand economy by recent events in America has yet to be seen. I do not believe there is a commentator in the world that can reliably predict the long term effect of the New York tragedy.”

The national sales volume for August 2001 was 6,976, rising from the 6,122 sales in July and well improved from the 5,489 homes changing hands in August 2000.

On a year-to-year basis, the median sale price rose all of the eleven regions, while on month-to-month comparison, the median sale price rose for eight of the eleven regions, those being; Northland, Waikato/BOP/Gisborne, Taranaki, Manawatu/Wanganui, Auckland, Hawkes Bay, Otago and Wellington. The median sale price for three of the eleven regions fell on a month-to-month basis, namely; Canterbury/Westland, Nelson/Marlborough and Southland.

Section activity and median section price rose with 591 sections changing hands at a median price of $50,000, compared to 509 sold during July at the median price of $80,000.

-ENDS-

Regional highlights:

NORTHLAND
A total of 207 homes changed hands in Northland, compared to 192 in July. The median price for the area was $147,500, down from the $160,000 recorded in the previous month and up from the $137,500 for August last year, when 148 homes were sold.

AUCKLAND
In Auckland, 2,458 home settlements were recorded during August, up on both the 2,004 recorded in July and the 1,797 homes that changed hands in August 2000. The median price for the region was $240,000 August compared to $239,000 for July, and the $235,000 recorded for August 2000.

On the North Shore, the median price fell to $255,000 for August from the $266,250 for July and rose on the $250,000 recorded in August 2000. Home sales rose from both the 342 in August 2000 and the 348 sales in July to 430 in August 2001.

A total of 313 homes were sold in Waitakere City, up from the 231 recorded last month and the 244 sales recorded last August. The median price was $188,000, down on both the $192,000 recorded in July and the $195,000 for August 2000.

In Auckland City 929 homes changed hands, up from the 716 sales recorded in July and the 631 sales recorded in August 2000. The median price of $279,000 was up on both the $258,000 recorded for July and the $262,000 recorded twelve months ago.

Home sales rose and the median sale price fell in Manukau City, with 476 homes changing hands at a median price of $240,000. This compared with 370 sales and a median price of $241,750 in July and 345 sales recorded last August at a median price of $220,000.

In the Papakura district, 60 homes changed hands, compared to 46 in July and 41 in the same month last year. The median price of $175,000 was down on the $176,500 recorded in July 2001 and was consistent for the median price in August 2000.

A total of 2,208 home settlements were recorded in Metropolitan Auckland, up from both the 1,765 in July and the 1,628 recorded for the same month last year. The median price of $244,625 was up on both the $244,000 recorded for July 2001 and the $238,750 recorded for August 2000.

WAIKATO/BAY OF PLENTY/GISBORNE
Sales rose in the Waikato/Bay of Plenty/Gisborne region with 939 homes changing hands, compared to 897 in July. The median price was $161,000, compared with $162,000 in July and $155,500 in August 2000 when 763 homes changed hands.

HAWKE’S BAY
The sales volume rose and median price fell in August with a total of 270 homes changing hands at a median price of $123,861, compared to $135,000 and 202 sales in July. This compared to 160 sales and a median price of $135,000 a year ago.

MANAWATU/WANGANUI
The sales volume in the region rose on a year to year basis and month to month comparison with 393 home settlements recorded in August compared to 375 in July and 284 in August last year. The median price of $103,000 was down on the $105,000 of the previous month and up on the $95,000 recorded in August 2000.

TARANAKI
Sales volume rose on a month to month basis with 173 homes changing hands compared to 144 in July. The median price eased to $95,000 for August compared to $96,750 for July. The median sales price for August 2000 was $93,000 when 142 homes were sold.

WELLINGTON
The median price in the Wellington region rose to $200,000 from the $190,000 recorded in July 2001 and the $188,500 in August 2000. The sales volume rose on both the previous month and on year to year comparison, from 777 recorded sales in July to 912 homes in August 2001, and compared to 803 sales in the same month last year.

NELSON/MARLBOROUGH
Sales volumes eased in August with 262 homes sold in the Nelson/Marlborough area, compared to 264 sales in July. The median price of $147,500 was up on the $145,000 recorded in July, and also up on the $136,875 recorded last August when 202 homes were sold.

CANTERBURY/WESTLAND
The median price remained steady in the Canterbury region at $136,000 for August and July 2001 but eased compared to $143,000 in August 2000. A total of 807 home settlements were recorded, down on the 812 recorded in July and up on the 704 sales recorded in August last year.

OTAGO
Sales volume and median price rose in Otago on a month to month basis with 339 homes sold during August, at a median price of $101,000 compared to 258 sales and a median of $94,500 in July. In August last year 249 sales were recorded at a median price of $99,500.

SOUTHLAND
The median price rose in the Southland region from $84,000 in July to $95,000 in August. Sales volumes fell, with 216 homes changing hands, compared to July when 229 homes were sold. This compared to a median of $73,000 last August when 195 homes changed hands.

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