Latest figures show housing market still struggling

Last updated 13:33 11/11/2011

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Sales of properties nationwide dropped by 4.4 per cent in October compared to the previous month, with 228 fewer houses sold.

September, the beginning of spring, is the month sales traditionally surge but the figures suggested any movement had been muted, said Real Estate Institute boss Helen O'Sullivan.

''So too has any impact from the Rugby World Cup and European uncertainty,'' she said.

The good news was that the volume of sales were up strongly - 28.3 per cent - to 5007 unconditional sales in October over the same time last year.

But O'Sullivan said that in part reflected a weak October 2010 when sales volumes hit their lowest mark in 20 years.

Nationally, the average median house price was up $9,000 last month from October 2010.

Of the properties sold last month, 167 of them went for more than a $1 million.

The majority, at 58.6 per cent, were sold for under $400,000. Some 26.1 per cent were in the $400,000 to $599,999 bracket, with the remainder priced between $600,000 and $999,999.

Prices were up 1.6 per cent in Wellington in October from September, while prices in Auckland pulled back 0.3 per cent in the same period. Christchurch property prices were down 3 per cent last month compared to September. 

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- BusinessDay.co.nz

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