House prices rise, but sales fall 

UPDATE - House sales slipped but the median price remained stable at $260,000 in December, the Real Estate Institute of New Zealand (Reinz) said today.

There were 8377 houses sold in December, down from 9502 in November and 8703 in December 2003, Reinz said.

The institute's national president Howard Morley said the real estate market continued to show strength, particularly because the median sales price for the month of December had risen 13.53 per cent to $260,000 from the same month in 2003.

"Since December 2001, the median sales price for residential property has increased $82,000 or 46 per cent, making residential real estate one of the better performing New Zealand investments over that period," Mr Morley said in a statement.

The median time it took to sell a house in December was 29 days, against 30 days in November and 23 in December 2003.

Six regions recorded an increase in median sales prices while prices decreased in the other five regions, he said.

The median house price in Auckland was $352,000, down $2000 from November. In Wellington houses prices fell $5575 to $276,250 over the same period.

The regional changes in median house prices were:
Northland $221,500 (up $7500 from November)
Waikato/Bay of Plenty/Gisborne $232,000 (up $2000)
Manawatu/Wanganui $150,000 (up $1000)
Taranaki $186,000 (up $19,500)
Canterbury/Westland $231,000 (up $6000)
Otago $200,000 (up $7000)
Hawke's Bay $225,000 (down $11,750)
Nelson/ Marlborough $265,000 (down $20,000)
Southland $138,000 (down $4000).

- NZPA