Property prices, sales down in April

Photo / Herald on Sunday

Property prices and sales fell in April, but the New Zealand residential property market is holding steady, says Real Estate Institute of New Zealand president Peter McDonald.

REINZ's Monthly Housing Price Index for April, released this morning, fell by 0.4 per cent.

Compared to 12 months earlier, the index has risen by 6.2 per cent. Housing prices are now 3.7 per cent below their November 2007 peak.

In Auckland, housing prices in April were 6.8 per cent above those in April 2009 with housing prices in Christchurch (up 5.6 per cent), Wellington (up by 5.1 per cent), other South Island suburbs (up 5.6 per cent) and Other North Island suburbs (up by 3.4 per cent) also up from the year earlier levels.

Median house values fell $4500 to $356,000 in the month to April, while the median number of days to sell fose from 35 to 40.

The total value of residential sales, including sections, during April was $2.24 billion, a decrease on the March total of $2.73 billion.

In April 5207 dwellings were sold - down on the 6161 sold in March and 6210 sold in the same month last year.

Northland posted the biggest increase in the value of homes sold during April, jumping 10.4 per cent to $320,250.

Other regions to show growth were Auckland, up 8 per cent to $470,000 and Nelson/Marlborough, up 8.8 per cent to $339,500.

Southland posted the only negative change, with median prices in the district falling 2.63 per cent to $185,000.

The fastest sales were recorded in Auckland, with a median of 35 days to sell, ahead of Canterbury/Westland on 36.