REINZ Residential Market Report - November 2009

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FOR IMMEDIATE RELEASE News Release 14 December 2009 MEDIAN HOUSE PRICES DOUBLE THAT OF YEAR 2000 Median house prices have more than doubled over the past 10 years, figures released by the Real Estate Institute of New Zealand (REINZ) reveal today. The national median of $355,000 for the month of November has increased more than 100 percent on the corresponding figure ($174,000) for November 2000 and is also up $17,500 or 5.2 percent on the median price for November 2008. Real Estate Institute of
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  FOR IMMEDIATE RELEASE News Release 14 December 2009 MEDIAN HOUSE PRICES DOUBLE THAT OF YEAR 2000 Median house prices have more than doubled over the past 10 years, figures released by the Real EstateInstitute of New Zealand (REINZ) reveal today.The national median of $355,000 for the month of November has increased more than 100 percent on thecorresponding figure ($174,000) for November 2000 and is also up $17,500 or 5.2 percent on the median pricefor November 2008.Real Estate Institute of New Zealand President, Peter McDonald, says the residential property market in NewZealand appears to have stabilised after last month’s all-time high national figures.“It’s been a long held belief that property doubles in value every decade. This trend has been borne out in thismonth’s analysis of median house prices for New Zealand,” Mr McDonald says.Around the country, median values have risen in nine out of 12 districts compared with November 2008 prices.The largest gains were Auckland, up 10.6 percent to $470,000, followed by Northland up 5.9 percent to$341,000 and Waikato/Bay of Plenty, also up 5.9 percent to $320,000. The two largest drops in propertyvalues were at Central Otago Lakes, down 7.2 percent to $441,000 and Hawke’s Bay, down 6.0 percent to$275,000.“The market appears to have retained the momentum gained over the last few years and median prices thismonth mirror the all-time highs experienced in October,” says Mr McDonald.Another positive picture of the market is the number of houses sold, he says. The total number of 6,056houses sold in November 2009 was well up on the same month last year, when 4,279 houses were sold.The national median for days to sell in November was 33 compared with 31 in October 2009 and the sluggish44 days in the corresponding period a year ago. Sales were quickest in Southland at a snappy 20 mediandays, while in Wellington it was 28 median days and in Canterbury/Westland and Otago, the median days tosell was just 29. Northland was the slowest market, with houses taking a median of 58 days to sell.  The total value of house sales in New Zealand in November was $2.67 billion, which was slightly up on the$2.62 billion recorded last month even with slightly fewer sales (6,091 houses were sold in October 2009, 35more than November 2009).Auckland sales accounted for $1.27 billion of total sales in November. Canterbury/Westland and Waikato/Bayof Plenty were the next greatest value at $306m and $303m respectively with Wellington not far behind at$300m.“The residential property sales market has remained steady and I believe it will firm even further as theeconomy recovers,” Mr McDonald says.ENDSEditors: Following are the dates for the release of the REINZ Residential Market Report and REINZ MonthlyHousing Price Index for 2010: 18 January, 12 February, 12 March, 16 April, 14 May, 15 June, 14 July, 13August, 14 September, 14 October, 12 November and 14 December.For further information, please contact: For national matters – REINZ President: Peter McDonaldTel: 06 765 7567Mob: 0274 434 506Real Estate Institute of New Zealand Or For local district enquiries – District Presidents/spokespeople: Northland spokespersonMarilyn Gamman021 274 7929AucklandGlorianne Campbell027 474 5032Waikato/BOP/GisborneSue Hovell021 803 197Hawkes BayMurray Keane027 441 3621TaranakiGarry Malcolm027 443 0095Manawatu/WanganuiTim Mordaunt027 442 3530WellingtonEuon Murrell027 445 8191Nelson/MarlboroughVaughan Borcovsky027 551 5977Canterbury/WestlandBruce Mackrell027 433 2922OtagoStephen Johnston0272 230 383SouthlandMurray Halstead021 325 186Central Otago LakesHenry Van Der Velden027 434 5659Queenstown spokespersonAdrian Snow021 443 543  For more real estate information and market trends data, For New Zealand's mostcomprehensive range of listings for residential, lifestyle, rural, commercial, investment and rental properties,visit - REINZ's official property directory website. Explanatory Note: The monthly REINZ residential sales reports remain the most contemporary and up-to-date statistics on house prices and sales in New Zealand. They are based on actual sales reported by real estate agents. These salesare taken as of the date that a transaction becomes unconditional.Other surveys of the residential property market are based on information from Territorial Authorities regarding settlement and the receipt of documents by the Authority from a solicitor. As such, this information involves alag of four to six weeks before the sale is recorded by the Territorial Authority.REINZ sales figures are recorded on the day a transaction is concluded (should this read – on the day atransaction is declared unconditional) and includes sales as of 5:00pm on the last business day of the month.  Residential Highlights – November 2009Northland In total, 146 houses sold in Northland in November (October 2009: 113; November 2008: 93). The medianprice increased to $341,000 from $310,000 in October (November 2008: $322,000).28 houses sold in the Whangarei County area (October 2009: 11; November 2008:16). The median priceincreased to $391,500 from $361,000 in October (November 2008: $430,000).63 houses sold in Whangarei City in November, up from 56 in October 2009 (November 2008: 35). Themedian was up at $325,000 (October 2009: $306,497; November 2008: $300,000). Auckland The median house price in Auckland increased to $470,000 in November (October 2009: $455,000 November 2008: $425,000). 2,192 houses sold in November  , compared with 2,072 sold in October (November 2008:1,411).The median sale price for a North Shore City home increased to $560,000 in November. (October 2009:$545,000; November 2008: $513,250). 428 houses sold during the month, an increase on the 409 sold inOctober 2009. (November 2008: 266).Sales volume was down in Waitakere City in November with 281 sold (October 2009: 297; November 2008:187). The median price also decreased to $385,000 (October 2009: $390,000; November 2008: $375,000).The median price for an Auckland City house was steady at $525,000 in November (October 2009: $525,000and November 2008: $448,000). 778 houses sold in November, up on the 681 sold in October 2009(November 2008: 467).394 houses sold in Manukau City in November (October 2009: 372; November 2008: 306). The median priceincreased to $462,500 from $431,750 in October (November 2008: $417,000).The number of sales in Papakura was down with 55 houses sold in November 2009. (October 2009: 70;November 2008: 40). The median price was down at $325,000 (October 2009: $332,500; November 2008:$301,000).The median price for a Metropolitan Auckland house was up at $479,000 in November, from $462,000 inOctober (November 2008: $428,500). 1,936 houses sold (October 2009: 1,829; November 2008: 1,266).147 houses sold in Rodney District, up from the 121 sold in October (November 2008: 69). The median pricewas up at $460,000, from $440,000 in October (November 2008: $455,000).The median price for a Franklin District home increased to $375,000 in November, from $347,500 in October (November 2008: $385,000). 52 houses sold, down on the 64 sales in October 2009 (November 2008: 37).
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