Real estate medians higher again

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Latest Real Estate Institute sales figures for December 2013 reveal higher prices on slightly fewer sales.

The new median price across New Zealand is up $2000 at $427,000 above the previous record high set in November 2013.

There were 5688 houses sold, down 1.1% on December 2012 and 18% fewer than November.

The fall from November is a regular trend but the 10-year average fall has been 13.6%.

Most regions experienced a larger decline in sales than the main cities

Manawatu/Wanganui, Taranaki and Northland saw sharpest jumps in price but in Auckland there was a $20,000 fall in the median price from November 2013.

Christchurch and other South Island centres saw new record medians and higher numbers of sales.

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It is no surprise medium sale prices are rising. In the 1970's mortgage finance was difficult and new housing was promoted through State Advances or the Housing Corporation of 90-120sq metre houses. Since deregulation most subdivisions have minimum size standards of 150sq metres upwards so new houses are larger and more expensive resulting in the average size of housing on the market increasing. So rising prices don't fully equate to rising values.

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Median prices up only because of the cratering in sales of lower end houses (volumes down by nearly 20%). So it's the last gasp of a bubble market. You can't have a ladder without any bottom rungs...

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NZ Market Snapshot


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NI225 18312.1 18312.1 18182.4 -2.15%