By CHRIS DANIELS
Real estate agents and homeowners hope the slump in the market since April may be ending, even though the number of house sales in most regions remain flat compared with last year.
Nearly $1 billion of residential property was sold last month, up from $936,485,445 in December.
The national median sales price also went up by $5000 from December, to $175,000, the highest national median sales figure recorded since the Real Estate Institute began compiling the figures in 1996.
However property prices in most parts of the Auckland region failed to increase significantly.
Real Estate Institute president Rex Hadley said last year's January figures were "not too bad," but there had been a slump from April until late last year.
"Interest rates last year started to rise in April and May; now they are tracking downwards."
He hoped first-time buyers would be encouraged by cheaper interest rates, and start moving into the market.
"They take a while, though. They will want to be sure that interest rates stay where they are, nicely creeping down."
He said market confidence took a long time to restore, but early reports indicated that house sales were good this month.
Most of the sales in January were in the middle to top end of the market.
While the Auckland market had been "ho-hum," other parts of the country had been buoyant.
The upturn in house values was not merely the result of higher values in the big cities, he said.
Real estate agents say they're close to recovery
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