Median house prices rise in September

The figures, issued by the Real Estate Institute of New Zealand (REINZ), showed a $3000 rise in median prices, after they fell by $2000 in August.

REINZ national president Howard Morley said the rise defied widespread predictions of a fall in house prices, particularly in the Auckland market.

The $250,000 price was a new record.

However the increase came in the face of a further decline of 4.1% in the number of sales, from 8191 sales in August to 7854 in September. The figure was well down on the 10,687 houses sold in September 2003.

Morley most of the decline occurred in the under $400,000 section of the market.

Rising interest rates were dampening activity in the market, but values were remaining relatively steady with seven regions experiencing increases, three decreases and one region an unchanged median.

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