Prices hold firm in March
The good news is 7,315 dwellings were sold last month, an increase of 19.4% on February but still 10% down when compared to March last year.
A new national record high median price was reached at $440,000 – an increase of $44,000. Auckland and Canterbury/Westland recorded new high median prices of $637,000 and $401,000, respectively.
A healthy increase in Auckland listings helped increase the inventory of homes for sale last month. The stock levels are now sitting at 28 weeks compared to March 2013, and an increase of $25,000 from February.
There is strong growth in the Auckland, Canterbury and Waikato/Bay of Plenty regions. Early reports are coming in of property market growth from Wellington, Hawkes Bay, Manawatu/Wanganui and Otago – all regions where the market has been subdued.
The days to sell for the month of March, were the shortest at 27 days to sell in Canterbury/Westland; followed by Otago at 29 days, Auckland at 31 days, and Wellington at 32 days. Northland recorded the longest number of days to sell at 71 days, followed by Manawatu/Wanganui with 56 days and Central Otago Lakes with 53 days. Over the past 10 years the median days to sell for the month of March has averaged 35 days across New Zealand.
Filed under: REAL ESTATE