The national sales volume for residential housing continued to fall last month and the national median price also eased, according to statistics from the Real Estate Institute of New Zealand.
Having slumped to 5,071 in September, the national sales volume has fallen still further to 4,887 in October compared to the 6,214 sales recorded twelve months ago.
The national median sales price also fell $2,500 to $170,500, compared to $173,000 in September 2000.
REINZ Vice President, Mr Graeme Woodley said that seven of the 11 regions surveyed saw an increase in sales volume on a month to month basis. Only Southland showed a growth in sales from October 1999.
"It's clear that, compared to 1999, the New Zealand public have lost a great deal of confidence. But it's worthy of note that there is a conflict between the national statistics and many of the trends seen in individual regions.
"At the same time that regions such as Auckland are not faring well, many of the other regions are experiencing both rising values and volume. The sheer size of the Auckland market means that any movement in volume or median price is reflected in the national figures which, as in this case, is misleading in terms of the overall health of the property market."
"The major drop in sales over the last month has been in Auckland and Canterbury, which the Institute believes is a reflection of the ongoing lack of business and public confidence in the urban areas. Conversely, Waikato, Hawkes Bay, Taranaki, Nelson/Marlborough and Southland all experienced an increase in both sales volume and median price in October.
Particularly in Southland, where the median price rose $16,500 and sales increased by around 18.5 per cent, it seems likely that the upturn in that regions rural economy has been at least partly responsible for its revitalised residential market."
Mr Woodley said that the median sale price for eight of the eleven regions improved on a year to year basis, Northland, Waikato/BOP/Gisborne, Hawkes Bay, Manawatu/Wamganui, Taranaki, Nelson, Canterbury/Westland, and Southland.
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR OCTOBER 1996-2000
| REGION | OCT96 | OCT97 | OCT98 | OCT99 | SEPT00 | OCT00 | | ------------------------------------------------ | ------------ | ------------ | ------------ | ------------ | ------------ | ----------- | | Northland | 121,000 | 135,000 | 143,000 | 139,000 | 140,000 | 155,500 | | Auckland | 223,000 | 238,000 | 225,000 | 232,000 | 242,000 | 233,000 | | Waikato/BOP/Gisborne | 138,000 | 152,000 | 150,000 | 157,000 | 154,000 | 155,000 | | Hawkes Bay | 121,300 | 120,000 | 119,000 | 127,000 | 130,000 | 135,500 | | Manawatu/Wanganui | 94,000 | 95,000 | 95,000 | 110,000 | 94,500 | 112,000 | | Taranaki | 95,000 | 95,550 | 95,000 | 91,500 | 94,000 | 100,000 | | Wellington | 143,725 | 165,000 | 165,000 | 178,000 | 190,500 | 190,000 | | Nelson/Marlborough | 136,250 | 140,500 | 145,000 | 150,000 | 140,750 | 149,500 | | Canterbury/Westland__(incl Sth Canterbury)__ | 132,250 | 140,000 | 143,000 | 150,000 | 135,000 | 142,500 | | Otago | 102,500 | 90,000 | 92,000 | 100,000 | 105,000 | 95,500 | | Southland | 78,000 | 75,151 | 72,000 | 81,500 | 73,500 | 90,000 | | NZ Total | $155,000 | $165,000 | $165,000 | $168,000 | $173,000 | 170,500 |
