Housing continues to level but median price up on year

The housing market continues to level off but the national median price is still up nearly 9 per cent on a year ago, according to the Real Estate Institute of New Zealand (REINZ).

Figures out today show the national median at $310,000 for June, up from $305,000 last month and $284,500 in June 2005, an annual rise of 8.96 per cent.

The figure was based on 8428 sales, down from 9642 in May, but up from 8025 a year ago.

For the first time in a long while Auckland rallied strongly after a flattish spell, with rises in the regional median from $400,000 to $405,000, the metropolitan area market up from $405,000 to $410,000 and the Auckland city median up from $422,500 to $445,000, REINZ said.

Auckland's recent rally had lifted it up to a 10.5 per cent rise on June 2005, whereas from April 2005 to April 2006 the rise had been 4.9 per cent.

Metropolitan Auckland sales dropped only slightly from 2663 in May to 2564 in June, with the Auckland city figures up slightly from 1004 in May to 1014.

REINZ national president Howard Morley said the signs indicated the Auckland market was reawakening, with signs both buyers and sellers had confidence in it.

Auckland was also coming out the other end of a sustained period of sales of cheaper inner-city apartments which had tended to depress median prices.

Manawatu/Wanganui showed the largest annual rise, with growth of 25.11 per cent, followed by Otago which was up 14.82 per cent and Waikato/Bay of Plenty/Gisborne up 14 per cent.

Three of the five South Island regions had median drops in June from May, with only Otago and Southland having increases.

In Waikato/BOP, which had 1265 sales in June - the second highest after Auckland - the days taken to make a sale moved from 46 to 39, compared with the 37-day national average.

The median price in Hamilton eased to $299,750 from $305,000 in May with the 338 houses sold well down on May's 425 sales.

In Mt Maunganui/Papamoa the median price rose to $393,750 from $375,000 in May, but still below the $400,000 of June last year.

Tauranga, with 163 houses sold in June, had a median of $351,000, up on May's $333,000 and June 2005's $315,000.

* Regional figures showing June median and annual rise in median price:

Northland, $273,500, 11.74 per cent; Auckland, $405,000, 10.5 per cent; Waikato/BOP/Gisborne, $285,000, 14 per cent; Hawke's Bay $259,500 9.72 per cent; Manawatu/Wanganui $208,000 25.11 per cent; Taranaki, $237,000, 12.85 per cent; Wellington, $328,000, 9.33 per cent; Nelson/Marlborough, $284,000, 7.37 per cent; Canterbury/Westland, $271,250, 6.37 per cent; Central Otago Lakes, $391,500, -0.88 per cent; Otago, $226,500, 14.82 per cent; Southland, $142,500, 11.32 per cent.

- NZPA