Median Wellington house prices up $25k
JAZIAL CROSSLEY AND RICHARD MEADOWS
Median prices for homes in Wellington rose by $25,000 in the year to July, according to the latest Real Estate Institute of New Zealand data.
There were 613 houses sold in the capital last month at a median of $390,000. This was down from $400,000 in June but up from $365,000 the same time last year.
The property market was a mixed bag throughout the region. The number of houses sold rose 3.9 per cent in Central Wellington and northern suburbs but Upper Hutt, Eastern Wellington and the Hutt Valley all had weaknesses.
The national median is still up by $24,000 compared to July 2012.
All 12 regions have seen an increase over the year, although Auckland accounted for 64 per cent of the change and Canterbury/Westland 9.9 per cent.
While July is typically one of the slowest months of the year, the REINZ data shows there were 6777 sales, up 14.7 per cent year-on-year.
Chief executive Helen O'Sullivan said it was the most active winter the residential market had seen for a while.
"As far as buyers are concerned the normal winter slowdown hasn't happened this year,'' she said.
"The increase in new listings in the month contributed to buyer activity, which coupled with the easing in prices suggests that the main constraint is very much one of supply.''
O'Sullivan said agents had reported that buyers were moving quickly to get in the market before any Reserve Bank lending restrictions were introduced.
ASB senior economist Jane Turner said housing demand had steadily increased during the past year due to a range of factors but the housing market remained tight with constrained supply.
''Over the coming year, a continued improvement in labour market conditions and net migration will continue to underpin housing demand. A steady increase in construction of new housing, particularly in Auckland and Christchurch, is required to alleviate the supply and demand imbalance.''
Nine regions recorded increased sales volume compared to July last year, led by Waikato/Bay of Plenty (29.1 per cent), followed by Northland (23.7 per cent) and Central Otago Lakes (19.7 per cent).
Roughly one in five of July sales were by auction, an increase of 63 per cent on the previous year.
Transactions in Auckland once again dominated the auction market, representing three quarters of the national total of auction sales.
Across New Zealand the total value of residential sales was $3.31 billion in July, compared to $3.06b in June and $2.52b in July last year.
WELLINGTON MEDIAN HOUSE PRICES JULY 2013
Upper Hutt $330,000
Hutt Valley $317,750
Northern Wellington $461,000
Central Wellington $390,000
Eastern Wellington $475,000
Western Wellington $620,644
Southern Wellington $553,556
Pukerua Bay/Tawa $399,500
- © Fairfax NZ News
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