A correction for Wellington house prices, stability for Auckland but a rise in the national median have shown through in March sale price statistics.
The Real Estate Institute said that the national median price for March was $175,000, compared with $171,000 in February and $168,000 in March 1999. The Institute has continued to plug investment in residential property, poking a stick at the recent sharemarket correction and welcoming Deputy Prime Minister Jim Anderton’s comments that interest rate rises should be avoided.
The March figures show:
-
Wellington's median sale price fell from $184,000 in February to $179,000, after a sustained rise since early 1999.
-
Prices also fell in Hawkes Bay, down from $127,000 in February to $121,750.
-
Auckland had a median of $240,000 in February, March and in March 1999.
-
Section prices and sales were higher. The national median was $78,500 ($77,000 in February) and 605 were sold (494).
Total dwellings: median price comparisons
| Region | March 1997 | March 1998 | March 1999 | February 2000 | March 2000 | | ------------------------ | -------------- | -------------- | -------------- | ----------------- | -------------- | | Northland | $127,000 | $140,000 | $145,000 | $131,000 | $150,000 | | Auckland | $235,000 | $235,563 | $240,000 | $240,000 | $240,000 | | Waikato/BOP/Gisborne | $145,000 | $145,000 | $153,500 | $156,000 | $163,000 | | Hawkes Bay | $120,500 | $126,000 | $127,000 | $127,000 | $121,750 | | Manawatu/Wanganui | $105,000 | $100,000 | $96,000 | $112,000 | $106,500 | | Taranaki | $95,000 | $100,000 | $99,500 | $112,500 | $112,500 | | Wellington | $155,000 | $165,000 | $170,000 | $184,000 | $179,000 | | Nelson/Marlborough | $135,000 | $147,750 | $142,000 | $145,750 | $150,000 | | Canterbury/Westland | $135,000 | $145,000 | $140,000 | $141,250 | $150,000 | | Otago | $101,000 | $92,000 | $100,000 | $96,000 | $100,000 | | Southland | $78,000 | $70,000 | $72,500 | $82,750 | $78,000 | | New Zealand | $164,000 | $165,000 | $168,000 | $171,000 | $175,000 |
Data from the Real Estate Institute of New Zealand
