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Bayleys Research


SEPTEMBER 07 BULLETIN

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Don’t Blame it on the Sunshine…

The winter weather has been picked as one of the factors behind the decrease in the national median sales price by $2,500 from June to $345,000 in July, according to the Real Estate Institute of New Zealand (REINZ). However, not all regions monitored by REINZ experienced decreases in value over the last month. Five of the twelve districts monitored by REINZ recorded increases and one district was unchanged.

The lack of people willing to brave the generally cooler and wetter months has also adversely affected the number of sales taking place for July. Sales were down from just under 7,500 in June and 7,761 recorded in July 2006 to 6,660 for July 2007, the lowest July sales figure recorded in the last six years.

These figures may also be a sign that the higher interest rate environment is starting to bite and slowing the housing market.

 

In the North Island, Hawke’s Bay and Northland were the only districts that recorded increases in median sale price compared with June. Hawke’s Bay showed the biggest growth, with a 7% increase to $287,000. In the South Island, Canterbury/Westland recorded an increase along with Southland and Central Otago Lakes. The greater Auckland area recorded an unchanged median of $445,000 for dwellings.

However, while the median dwelling sale prices for July 2007 have varied considerably since June, all of the 12 districts monitored have recorded increases since July 2005 and 2006 as can be seen in the table below.

 

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