Sales recover while residential property median treads water

October sales recovered by nearly 1000 to 6854 in October compared with 5,894 in September, which was the lowest since the 2001 sales of 5,550 and almost half the September 2003 sales of 10,686.

But October sales remain 2000 sales lower than the October 2006 sales figure of 8857, causing ‘price static’ in some regions according to REINZ president Murray Cleland.

The national residential median price eased from $351,500 in September back to the August figure of $350,000.

“Some of the regional statistics are being unduly influenced by low volumes and generally areas where prices are holding up are the likes of Auckland region and Auckland metropolitan, where the regional price is up from $441,500 in September to $445,000 in October, while the Auckland metropolitan prices, which might have been expected to fall, hung on steadfastly with an unchanged median of $445,000.”