House values stabilise

By Phil Boeyen, ShareChat Business News Editor

Friday 19th April 2002

The Real Estate Institute believes residential property values are stabilising after the national median price for March came in at the same level as February.

The institute reports that the national median price for a New Zealand house last month was $186,000, the same as the previous month. The median value in March last year was $173,500.

The national sales volume for March was 9,742 compared with 8,773 in February and the March 2001 figure of 6,659.

The institute's national president, Rex Hadley, says that members have reported a high level of enquiry amongst homeowners, but that nationwide there is a shortage of listings.

"The institute believes that this high level of enquiry is largely from those seeking to take advantage of the current interest rate environment."

The median sale price rose for five of the eleven regions on month-to-month comparison with Auckland, Northland, Taranaki, Nelson/Marlborough, and Wellington all recording increases.

The total value of sales in March was $2.24 billion, up from $1.97 billion recorded in February and $1.39 billion in March last year.

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