While house prices are still firm, the number of sales has tapered back from earlier in the year, according to the latest figures from the Real Estate Institute of New Zealand.
President Max Oliver said the market was beginning to stabilise after a very healthy first quarter of 1999. He said the Institute had received reports of high buyer interest and continuing confidence in the market, but there was a shortage of listings.
"The important issue for the residential market is that 1999 steadily and sustainably recovers from the trials of 1998, and in these terms the year to year comparisons are heartening."
Residential sales totalled 7,004 last month, down from 8,136 in March but still higher than last April's total of just over 5000.
The national median house price was $170,000 compared with $168,000 in March and $160,000 in April 1998. Median prices improved in most regions: Manawatu/Wanganui and Nelson/Marlborough recorded falls while Auckland remained unchanged.
Total dwellings median price comparisons for April
(information supplied by REINZ)
| Region | 1996 | 1997 | 1998 | 1999 | | ------------------------------------------- | -------- | -------- | -------- | -------- | | Northland | 113,000 | 130,000 | 141,000 | 152,250 | | Auckland | 229,000 | 236,000 | 235,000 | 235,000 | | Waikato/BOP/ Gisborne | 130,000 | 141,750 | 145,500 | 153,000 | | Hawkes Bay | 122,500 | 127,500 | 109,750 | 131,000 | | Manawatu/ Wanganui | 103,000 | 102,500 | 101,000 | 100,000 | | Taranaki | 105,000 | 95,000 | 100,000 | 101,000 | | Wellington | 142,000 | 150,000 | 156,150 | 175,000 | | Nelson/ Marlborough | 134,000 | 140,500 | 146,000 | 142,510 | | Canterbury/ Westland (incl South Canterbury | 129,000 | 140,250 | 141,750 | 148,000 | | Otago | 104,500 | 102,500 | 89,500 | 94,750 | | Southland | 78,000 | 85,000 | 75,000 | 90,500 | | TotalNZ | 149,000 | 162,500 | 160,000 | 170,000 |
