The residential property market experienced softer prices last month, with the national median sale price falling from April's $177,000 to $172,000.
However, prices are still higher overall than last year, when the May median was $167,875.
Real Estate Institute National President Max Oliver said the decline seemed to show that the residential property market was going through a period of self-adjustment following April's low sales volumes. He said there'd been no tangible recovery in either business or public confidence and, if that continued, it would have an ongoing effect on the market.
National sales volumes for May were higher than April, at 5,392 compared with 5,502, but well down on the 7,162 sales recorded for May 1999.
Median price by district for May 2000
| District | Dwellings* | RIBs** | Sections | | ------------------------- | -------------- | ------------ | ------------ | | Northland | $135,000 | $280,000 | $90,000 | | Auckland | $236,000 | $430,000 | $118,000 | | Waikato/BOP/Gisborne | $157,000 | $550,000 | $72,000 | | Hawkes Bay | $122,000 | $230,000 | $50,000 | | Manawatu/Wanganui | $100,000 | - | $28,500 | | Taranaki | $94,500 | - | $27,000 | | Wellington | $184,000 | $280,000 | $76,000 | | Nelson/Marlborough | $144,500 | $205,000 | $70,000 | | Canterbury/Westland | $146,000 | $162,500 | $72,500 | | Otago | $102,000 | $116,000 | $65,000 | | Southland | $75,000 | - | $87,000 | | Total for New Zealand | $172,000 | $277,500 | $78,000 |
Data provided by the Real Estate Institute of New Zealand
- Dwellings include houses, units, town houses, apartments and home and income.
** RIBs are residential investment blocks: multi units owned by investor/s.
