New home seekers swell sales

Taranaki led New Zealand in year-on-year gains in median residential house prices last month, the Real Estate Institute reports.

The region's median price of $285,000 was up 9.61 per cent on January last year - but down on the $300,000 median price achieved in January this year.

But 160 houses were sold in February, which was up from the 123 sold in January.

Of those, 29 of the houses were sold in the Taranaki rural area (everywhere except New Plymouth), for a median price of $215,000.

The median sale price in New Plymouth city was $345,000, which, while slightly down on January's median was well up on the $271,000 median price for February last year.

The number of sales increased to 75, from January's 69.

Nationally, total residential dwelling sales recovered last month from their lowest level in nearly two decades, REINZ said.

President Peter McDonald of Stratford said it was pleasing to see turnover return to normal February levels. Most buyers were genuine home seekers as opposed to investors, he said.

- © Fairfax NZ News