House sales improve

By Phil Boeyen, ShareChat Business News Editor

Tuesday 18th September 2001

There's been a pick up in the residential property market with house sales jumping $200 million in August compared with the previous month.

Latest figures show house sales in August totalled $1.45 billion, up from $1.25 billion in July and a considerable increase on last August's tally of $1.08 billion.

Real Estate Institute president, Rex Hadley, says national sales volume and the national median sales price have risen significantly.

"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.

"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."

The number of houses sold in August rose to 6,976 from 6,122 sales in July. Last August 5,489 homes changed hands.

Mr Hadley says on a year-to-year basis, the median sale price rose in all of the eleven regions. However on a month-to-month comparison prices fell in three South Island regions - Canterbury/Westland, Nelson/Marlborough and Southland.

Although more sections were sold in August than July the median price paid fell from $80,000 to $50,000.

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