While the number of house sales dipped compared with March, they were up compared with April last year and the median price was higher than in either March or April last year.
"March is traditionally one of the most active months for real estate transactions and 2001 is no different. It was always unlikely that April would achieve a similar number of sales," says institute president Rex Hadley.
Sales nationally totalled 6,506 in April compared with 6,559 in March and just 5,238 in April 2000.
"Such a high level of improvement over last year’s sales volume bodes well for the residential housing market in 2001, and demonstrate the stimulating influence easing mortgage interest rates have had on the residential market," Hadley says.
Total sales rose from $1,394,271,191 in March to $1,423,745,699 in April. That compares with $1,106,697,099 in April 2000. The median sale price of $178,000 was $4,200 higher than in March and compares with $177,000 in April last year.
A year ago, many New Zealanders had lacked confidence in the country’s economic direction and had effectively sat on their hands, Hadley says.
"More recently, factors such as falling interest rates and improved employment figures have encouraged homebuyers, not only to re-enter the market, but also to increase their level of financial commitment to residential property."
The Reserve Bank has cut its official cash rate, from which other interest rates are set, three times this year from 6.5% to 5.75%. The unemployment rate has fallen to a 13-year low of 5.4%.
REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR APRIL 1996-2001 REGION APR96 APR97 APR98 APR99 APR00 MAR01 APR01 Northland 113,000 130,000 141,000 152,250 157,000 146,500 150,000 Auckland 229,000 236,000 235,000 235,000 242,000 248,500 248,500 Waikato/BOP/Gisborne 130,000 141,750 145,500 153,000 157,000 160,000 165,000 Hawkes Bay 122,500 127,500 109,750 131,000 125,000 130,000 128,000 Manawatu/Wanganui 103,000 102,500 101,000 10,000 100,750 106,000 109,000 Taranaki 105,000 95,000 100,000 101,000 108,000 105,000 106,500 Wellington 142,000 150,000 156,150 175,000 190,000 190,000 195,000 Nelson/Marlborough 134,000 140,500 146,000 142,510 146,250 150,000 147,500 Canterbury/Westland 129,000 140,250 141,750 148,000 140,000 149,000 135,000 Otago 104,500 102,500 89,500 94,750 100,000 95,250 99,250 Southland 78,000 85,000 75,000 90,500 103,500 85,000 96,000 NZ Total $149,000 $162,500 $160,000 $170,000 $177,000 $173,800 $178,000
| REGION | APR96 | APR97 | APR98 | APR99 | APR00 | MAR01 | APR01 | | ------------------------ | ------------ | ------------ | ------------ | ------------ | ------------ | ------------ | ------------ | | Northland | 113,000 | 130,000 | 141,000 | 152,250 | 157,000 | 146,500 | 150,000 | | Auckland | 229,000 | 236,000 | 235,000 | 235,000 | 242,000 | 248,500 | 248,500 | | Waikato/BOP/Gisborne | 130,000 | 141,750 | 145,500 | 153,000 | 157,000 | 160,000 | 165,000 | | Hawkes Bay | 122,500 | 127,500 | 109,750 | 131,000 | 125,000 | 130,000 | 128,000 | | Manawatu/Wanganui | 103,000 | 102,500 | 101,000 | 10,000 | 100,750 | 106,000 | 109,000 | | Taranaki | 105,000 | 95,000 | 100,000 | 101,000 | 108,000 | 105,000 | 106,500 | | Wellington | 142,000 | 150,000 | 156,150 | 175,000 | 190,000 | 190,000 | 195,000 | | Nelson/Marlborough | 134,000 | 140,500 | 146,000 | 142,510 | 146,250 | 150,000 | 147,500 | | Canterbury/Westland | 129,000 | 140,250 | 141,750 | 148,000 | 140,000 | 149,000 | 135,000 | | Otago | 104,500 | 102,500 | 89,500 | 94,750 | 100,000 | 95,250 | 99,250 | | Southland | 78,000 | 85,000 | 75,000 | 90,500 | 103,500 | 85,000 | 96,000 | | NZ Total | $149,000 | $162,500 | $160,000 | $170,000 | $177,000 | $173,800 | $178,000 |
