Real estate rebounds in December quarter

By Phil Boeyen, ShareChat Business News Editor

Tuesday 22nd January 2002

The Real Estate Institute is celebrating a strong finish to last year's residential property market.

Statistics for December show residential sales were well up on the previous year, jumping to 6,147 from 4,611 in December 2000.

It was the third month in a row in which sales had outperformed the previous year. Sales in November were 33% higher than November 2000 and October sales improved 36% on the year prior.

Institute president, Rex Hadley, says the result is stunning, with December sales running at their highest level since 1998.

"Not only in sales, but also in the total expenditure in the property do we see the residential market is vastly improved from 2000, and the 1,536 additional transactions between December 2000 and 2001 has seen the total value of sales increase by over $390 million."

The total annual value of sales to $1.334 billion in the 12 months ended December, up from $936 million the year before.

The national median sales price rising in December rose by $8,000 compared with the previous year to $178,000. That figure was also $1,800 higher than in November 2001.

On an annual basis the median sale price rose for ten of the eleven regions, with only Nelson/Marlborough recording a decrease.

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