House prices rise in Wairarapa

The median Wairarapa house sale was $218,000 in September, which was a $14,500 increase from the same period last year, the latest REINZ figures show.

Median house prices in Wairarapa were up slightly for the year ending September, Real Estate Institute of New Zealand's figures reveal.

The median Wairarapa house sale was $218,000 in September - a $14,500 increase from September last year, according to the REINZ latest figures.

The national median house price was steady from August but up $20,000 from last September at $420,000.

In September, 44 properties were sold in the Wairarapa compared to 38 in August and 58 last September.

Sales volumes nationwide were up 7.8 per cent from August but down 12 per cent from the year prior, at 5911 sales.

Harcourts Wairarapa managing director Prue Hamill said there had been fewer lower priced houses sold in the past year as loan-to-value ratio restrictions prevented first-home buyers from entering the market. This probably accounted for the median house price increase, she said.

Wairarapa's housing market had slowed prior to the elections, but it was now picking up, she said.

The number of Wellingtonians moving to Greytown, Carterton and Masterton for provincial living, good schools and recreation, had increased in the past year, she said.

Ms Hamill believed the market would stabilise in the near future.

REINZ chief executive Helen O'Sullivan said activity in the last 10 days of the month hadn't been enough to turn around the lull at election time and sales volumes for the entire country remained well down from last year, she said. "There has been some pick up in listings in line with the start of spring -- albeit not at the usual levels for this time of year," she said.

"This may in part be a lag effect from the election. As with sales activity, listing interest is reported as having picked up in the last week of the September.

In September, residential sales equated to $3.220 billion, compared to $2.939 billion in August and $3.408 billion in September 2013. The total value of sales in year to September was $38.775 billion.

There were 1071 sales by auction -- a reduction of 534 on the number of properties sold by auction in September 2013.

The median time for properties to sell was 35 days, four days longer than in September last year.APNZ