50 houses sold - for first time in a year

Hard-pressed Wanganui real estate agents had a reason to smile in June.
For the first since time since July last year the number of properties sold in a month reached 50.
The average for the past six months was in the 30-38 range.
"It's not all doom and gloom," said Property Brokers manager Philip Kubiak. "There is hope of an upturn out there. Certainly my agents did okay in June."
Even so, the champagne may have to stay on the ice for a while yet - the property slump has some way to go.
Wanganui's median price, according to the June figures from the Real Estate Institute of NZ, fell to $185,000 from $200,000, while the median selling time is now 90 days.
Ross Watson of The Watsons said he did not think the June figure, while encouraging, signalled a significant upswing.
He predicted the market would be a rollercoaster ride for the next 18 months.
"I'd say that what happened in June was either some vendors being forced to take a sale or cashed-up buyers grabbing an opportunity.
"And let's not forget that interest rates are about to rise, so that is forcing the buyers' hand."
Harcourts Wanganui boss Bob Weaver said that, while the June rebound was welcome, it was important not to lose sight of the fact that there were still 1000 properties on the market in the city.
"I do worry about the euphoria. What I am seeing is a quiet first half to July.
"There is some activity in the lower end of the market. Whether that's to do with people trading down, I don't know. But the investors aren't there, and that's a worry.
"The market remains very static. I am uncertain of their reasons, but buyers are certainly holding back."
Nationally, residential property prices firmed last month to the highest June median ever despite relatively low turnover compared with the past 10 years, according to REINZ.
After easing back to $350,000 in May, the national median residential property price rose to $352,500 in June which is 3.67 per cent higher than last year's June median of $340,000 and also an increase on the previous highest June median of $347,500 recorded in 2007.
'The predicted post-Budget blues have not come to fruition and we are not seeing the forecast fall in prices," said REINZ president Peter McDonald. "What we have is a genuine rather than a speculative market, with people seeking and buying homes to meet their own needs."
Reflecting the traditional winter slowdown of the market, residential property transactions of 4575 last month were down on the May total of 5206, and sales of 6040 in June last year. But the total is more than the 4305 sales recorded in June 2008.