Slow month cuts median house price

Real Estate Institute president Graeme Woodley said January was traditionally a difficult month, interrupted by the holiday season. High-priced property deals had dropped off, compounding the situation.

The national median sank from $229,000 in December to $227,750 last month. Auckland City's median fell from $396,750 to $364,000. Prices were also down in Hamilton, Wellington and Christchurch.

Woodley advised people to wait for the February or March figures before drawing conclusions about the market.

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