Property market yet to show signs of slowing

News Release 22 September 2003

Residential property market yet to show signs of slowing

Residential property prices for New Zealand increased by 16.2 per cent over the last year but a period of consolidation seems likely over the next 12 months, according the National President of the Real Estate Institute of New Zealand, Mr. Graeme Woodley.

The national median price for August rose to $215,000, up from $211,250 in July and the median of $185,000 in August 2002, on the back of strong sales.

Sales for August at 10,193 were up on the July figure of 10,138 and well up on the August 2002 sales volume of 8,036.

Mr. Woodley said the continued growth of Auckland prices was the dominant feature of the latest statistics, with the Auckland median up from $298,000 in July to $315,000 for August. The Auckland median price has increased by 19.3 per cent this year, over the August 2002 median price of $264,000.

“However it is worth remembering these figures were recorded just before the Reserve Bank’s recent warnings about speculative investment in residential property, and those warnings are likely to dampen down some of the demand.”

As with national sales, strong sales in Auckland at 3,642, equivalent to 35.7 per cent of total residential sales in New Zealand, compared with 3,570 sales in July and 2,873 sales in August 2002, helped support the buoyancy of prices.

Auckland is currently the main beneficiary of demand for housing and it is reassuring that the relatively strong price growth being enjoyed by Auckland is based on such strong sales activity. Clearly positive migration is a big factor in the Auckland market.

But Mr. Woodley said that while the Reserve Bank’s warnings were likely to be heeded, “although demand is likely to dampen a little we don’t expect there will be any major changes in property values because of migration and sustained low interest rates, which coupled with growing discretionary incomes, means the next 12 months are likely to see a period of consolidation rather than any major change in values.

“Residential property continues to be one of the main investment destinations in New Zealand and the continuing confidence in real estate investment is notable, something which most alternative investment classes are not enjoying at present.”

The impact of Auckland on the national median was underlined by the fact that a number of other regions experienced a softening of prices during August.

Northland eased from $175,000 in July to $170,000, Manawatu/Wanganui was back slightly from $111,000 in July to $109,000, Taranaki slipped from $130,000 in July to $123,000 and Wellington was down from the very strong figure of $237,000 recorded in July to $225,000. Canterbury/Westland slipped from $165,000 to $162,500 and Otago was down very slightly from $132,750 in July to $132,250 in August.

However several regions saw unabated rises in median prices including Waikato/BOP/Gisborne up from $177,000 to $180,000, Hawkes Bay up from $158,000 to $167,000, while Nelson/Marlborough continued its recent dramatic increase in values with a median of $238,000 for August, up from $212,500 in July and $150,010 in August 2002.

Nelson/Marlborough’s year-on-year growth is currently sitting at 58.6 per cent.

In the major centres, Central Wellington showed further growth in values with the median up from $304,200 to $315,000 and the Hutt Valley was up from $194,000 in July to $216,250.

Christchurch City was up slightly from $184,750 to $185,000, while Dunedin City eased from $134,000 to $132,000.

Metropolitan Auckland was up from $311,500 to $325,000, Auckland City was down slightly from $382,750 to $380,000, while the North Shore was well up from $345,000 to $357,500.

-ENDS-
Issued on behalf of the Real Estate Institute of New Zealand (Inc) by Sorensen Group.

Real estate information is also available via the Institute's official property directory - RealENZ - on the Internet. RealENZ is a search facility providing comprehensive information on residential, lifestyle, rural, commercial, investment and rental properties. RealENZ's Internet address is: www.realenz.co.nz

REINZ Market Report Regional Highlights:

Northland:
Northland’s median price for August at $170,000, fell $5,000 from the $175,000 median recorded last month, while gaining on the prior year’s $155,000 median. Sales for the region dipped from the 325 reached in July to 295 sales for August, however this result remained ahead of the 184 sales achieved the previous year.

A total of 59 sections changed hands at a median price of $95,000, in comparison to the 62 sections sold at a median $85,000 last month.

Auckland:
House prices for the Auckland area climbed to $315,000 during the month-long period, a significant increase in relation to the $298,000 median achieved last month and the $264,000 median recorded last year. Sales kept pace on both a monthly and yearly basis at 3,642 against July’s 3,570 sales and August 2002’s sales of 2,873.

The volume of sales on the North Shore continued to demonstrate positive growth with 721 sales for the month - a marked increase when compared to the prior month’s 598 sales and the prior year’s sales of 514. The median price firmed to reach $357,500 for August, ahead of July’s $345,000 median and last year’s median price of $294,165.

Waitakere’s median price decreased to $244,750 during August, down slightly on the $251,000 median achieved the previous month, but creating a favourable result when compared to the median in August 2002 of $208,000. The volume of sales for August also decreased to 510 from July’s 557 sales, however this result kept pace with the prior year’s 379 sales.

The volume of sales for Auckland City strengthened to 1,178 for August, an increase on last month’s 1,100 sales and last year’s result of 1,037 sales. The median price for the month eased to $380,000, a decline on the prior month’s $382,750 median and the prior year’s median price of $302,000.

Manukau’s median price reached a new high of $311,500 for August, a marked improvement when compared to the previous year’s $291,000 median and August 2002’s $264,500 median. Sales for the region fell to 639 for the month, a drop of 50 against July’s 689 sales and August 2002’s 608 sales.

The number of houses sold in Papakura remained strong at 120, up on last month’s 110 sales and last year’s 71 sales. The median price for the area reached $195,000 in contrast to the prior month’s $216,250 median, yet gained ground on the prior year’s $190,000 median.

Metropolitan Auckland’s median house price reached $325,000 for August, up on both a monthly and yearly basis (July 2003: $311,500; August 2002: $240,000). Sales for the area grew to 3,168 for the month, up on the 2,609 sales achieved last year and the 3,054 sales gained last month.

Waikato / Bay of Plenty / Gisborne:
The median price for the Waikato / Bay of Plenty / Gisborne region increased to $180,000, ahead of the prior month’s $177,000 median and the $165,000 median recorded in August 2002. Sales kept pace on both a monthly and yearly basis to reach 1,720 in August, up on last year’s 1,174 sales and the prior month’s 1,672 sales.

The number of sections sold for the month increased significantly with 228 sales at a median price of $79,250, against the 160 sections which changed hands the prior month at a median price of $74,500.

Hawkes Bay:
The volume of sales for Hawkes Bay eased to 319, against July’s 341 sales, but kept pace with the previous year where 308 sales were recorded. However the median price increased on both a monthly and yearly basis from $134,250 in August 2002 and $158,000 in July to a median price of $167,000 in August 2003.

Twenty-eight sections were sold during August at a median price of $75,500, a considerable decrease when compared to the 40 sections sold last month at a median price of $107,750.

Manawatu / Wanganui:
Manawatu / Wanganui’s median price during August eased to $109,000, in comparison to the previous month’s $111,000 median and the previous year’s median price of $112,000. The number of houses sold in August stood at 540, a significant increase on August 2002’s 359 sales and July’s 505 sales result.

A total of 31 sections changed hands in August for a median price of $54,000, in contrast to the 28 sections sold at a median of $57,750 in July.

Taranaki:
Taranaki recorded a total of 204 sales during the month of August, ahead of last year’s 182 sales, however this result failed to reach levels recorded in July when 231 properties changed hands. The median price for the month at $123,000 also eased in relation to the prior month’s $130,000 median, while remaining well ahead of the previous year’s median price of $110,000.

Twenty sections sold in Taranaki this month at a median price of $43,000, an advance in sales in comparison to last month when 17 sections sold at a median of $60,000.

Wellington:
The Capital City’s median price of $225,000 demonstrated a significant improvement on last year’s median of $200,000, but weakened in comparison to July’s $237,000 median price. Sales reached 952 for the month, a gain on August 2002’s 912 sales, however this remained noticeably beneath the 1,078 sales achieved last month.

The Hutt Valley’s median price of $216,250 showed continued growth ahead of July’s $194,000 median and the prior year’s median price of $168,000. However sales for the region decreased on both a monthly and yearly basis to 194, down from the prior year’s 206 sales and sales of 212 in July.

Northern Wellington’s median price for the month reached a new high at $295,000, a significant advance on July’s $264,000 median and August 2002’s median price of $242,500. The volume of sales dipped to 86, easing from 97 sales recorded last month and last year’s 94 sales.

The median price for Western Wellington faltered during August to $285,000, well down on the $334,100 median in July and the $326,250 median achieved in August 2002. Sales also eased from 58 for July and 56 in August 2002 to 45 for the month.

Southern Wellington’s volume of sales dropped significantly to 42 in August, a marked fall when compared to the 108 sales achieved the prior month and the 59 sales recorded last year. At $321,294, the median price strengthened on both a monthly and yearly basis, against last year’s $253,353 median and the median price of $308,000 gained in July.

Eastern Wellington recorded a median price of $337,000 for the month, up from the previous year’s $292,000 median and the $325,000 median recorded in July. Forty-seven houses were sold in August, three ahead of August 2002’s 44 sales, yet the results showed signs of easing when compared to the 55 sales achieved last month.

The median price for Central Wellington peaked to $315,000 in August, up on the $297,000 median reached the prior year and the $304,200 median price achieved the prior month. A total of 77 houses changed hands during the month, a drop of 20 on last month’s 97 sales, however this remained a considerable advance on the 71 houses sold in August 2002.

Nelson / Marlborough:
The median price for the Nelson / Marlborough area climbed to $238,000 during the month of August, an upward movement on July’s $212,500 median and August 2002’s median of $150,010. Sales reached new ground with 334 properties changing hands during the month, well up on the 313 sold the prior year and the 297 sales recorded the previous month.

Motueka’s median price continued to strengthen on both a monthly and yearly basis to reach $235,000 during August, ahead of last month’s $205,000 median and the $139,000 median achieved the prior year. The volume of sales remained steady with July at 33, although this result was down slightly on the 35 sales recorded last year.

The median price for the Marlborough Sounds dropped significantly to $286,000, against the prior year’s median price of $335,000 and last month’s $371,000 median. Sales also fell on both a monthly and yearly basis to two for the month, compared to seven sales the previous year and the three sales achieved in July.

The number of houses sold in Nelson rose to 198 during August, a considerable increase on both the 108 sales recorded the prior year and the 94 sales achieved in July. The median price of $265,000 steadied against last year’s median of $159,500, but decreased against the $276,000 median recorded the previous month.

Canterbury / Westland:
The number of houses sold in Canterbury / Westland demonstrated strong upward growth with 1,372 sales recorded for month of August; this represented a significant gain on the 990 sales achieved in the same period last year and up on the 1,348 sales achieved in July. At $162,500, the median price kept pace with last year’s median of $147,750, although showed signs of easing when compared to the $165,000 median recorded the prior month.

Christchurch City’s median price continued to exhibit a positive trend to reach $185,000 for the month, a slight advance on July’s median price of $184,750 and well ahead of the $157,000 median achieved in August 2002. Total sales peaked to 894, up from both last month’s 870 sales and the 694 sales recorded the prior year.

Sales in the City Central increased to 51 during August, gaining ground on the previous month’s 44 sales and the previous year’s 31 sales. The median price also strengthened on both a monthly and yearly basis to $210,000, a significant increase on last year’s $175,000 median and last month’s median price of $183,500.

North East Christchurch’s median price of $190,000 for August was an advance on both the prior month’s $174,500 median and August 2002’s median of $160,000. However sales dipped slightly to 64, down on both the 68 achieved last month and the 65 sales recorded the previous year.

At $186,000, the median price for Riccarton and Upper Riccarton firmed in comparison to the prior year’s $158,000 median, but fell considerably against the $202,500 median price achieved last month. Sales decreased to 30 during August, down from July’s 42, while again remaining above last year’s result of 27 sales.

The volume of sales for the North Western Inner suburbs of Fendalton / Ilam / Merivale steadied to 75, keeping pace with the prior month’s 75 sales while increasing in relation to the 61 sales recorded in August 2002. The median price for the region soared to $332,000 for the month, well ahead of last month’s $310,000 median and the median price of $280,000 achieved last year.

Otago:
The median price for Otago eased from $132,750 in July to $132,500 in August, but showed considerable strength when compared to last year’s $100,000 median. The volume of sales, at 489, surpassed both the previous month’s 460 sales and the previous year’s results when 438 properties changed hands.

Dunedin City recorded 313 sales for the month, down slightly on the previous year’s 315 sales, yet this remained an improvement when compared to the 264 houses sold in August of last year. At $132,000, the median price eased from last month’s $134,000 median, but showed renewed strength against August 2002’s $105,350 median.

The median price for Central Otago reached a new high of $295,000, demonstrating a significant advance on July’s $206,000 median and the prior year’s median price of $140,000. Sales climbed to 75 during August, up from 51 sales in July and last year’s 73 sales.

The level of sales in North Otago peaked on both a monthly and yearly basis to reach 64, an increase on the previous month’s 59 sales and the 57 sales achieved in August 2002. At $114,500, the median price continued to strengthen and was well ahead of the $94,000 median recorded in July, as well as the $72,000 median recorded last year.

Sales for South Otago eased to 19 for the month, a significant drop when compared to the 27 houses sold last month and 36 sales recorded during August of last year. The median price of $56,500 weakened when compared to July’s $61,000 median, yet exhibited strong growth on the $48,750 median recorded the prior year.

East Otago’s house sales soared to 18 in August, up ten on both the prior month’s and year’s eight sales. The median price of $98,000 also surpassed both last month’s and last year’s median prices (July 2003: $85,500; August 2002: $59,000).

Southland:
A total of 326 sales were recorded for August in Southland, an increase on both the prior month’s 311 sales and the prior year’s 303 sales. The median price for the region of $110,000 exhibited positive growth and was well ahead of both the $98,000 median achieved in July and last year’s median of $77,000.

Sixty sections sold during August at a median price of $142,500, a significant improvement on the prior month’s 30 properties, which sold at a median price of $141,000.

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS
FOR AUGUST 1996-2003

REGION AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
Northland 137,500 147,500 155,000 175,000 170,000
Auckland 235,000 240,000 264,000 298,000 315,000
Waikato/BOP/Gisborne 155,000 161,000 165,000 177,000 180,000
Hawkes Bay 135,000 123,861 134,250 158,000 167,000
Manawatu/Wanganui 95,000 103,000 112,000 111,000 109,000
Taranaki 93,000 95,000 110,000 130,000 123,000
Wellington 188,500 200,000 200,000 237,000 225,000
Nelson/Marlborough 136,875 147,750 150,010 212,500 238,000
Canterbury/Westland 143,000 136,000 147,750 165,000 162,500
Otago 99,500 101,000 100,000 132,750 132,500
Southland 73,000 95,000 77,000 98,000 110,000
NZ Total 170,000 176,000 185,000 211,250 215,000

REGION AUGUST 96 AUGUST 97 AUGUST 98 AUGUST 99
Northland 112,000 135,000 155,000 140,500
Auckland 220,000 233,000 225,000 230,000
Waikato/BOP/Gisborne 135,000 150,000 148,000 155,000
Hawkes Bay 122,000 119,500 115,000 115,250
Manawatu/Wanganui 106,500 95,000 95,750 101,500
Taranaki 105,000 95,500 92,550 93,500
Wellington 134,250 152,000 160,000 170,000
Nelson/Marlborough 130,000 143,500 131,000 141,500
Canterbury/Westland 130,000 144,000 140,000 145,000
Otago 97,775 87,000 92,000 104,500
Southland 85,000 83,000 75,000 77,750
NZ Total 147,000 165,000 164,000 169,000

TOTAL DWELLING SALES FOR AUGUST 1996-2003
REGION AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
Northland 148 207 184 325 295
Auckland 1,797 2,458 2,873 3,570 3,642
Waikato/BOP/Gisborne 763 939 1,174 1,672 1,720
Hawkes Bay 202 270 308 341 319
Manawatu/Wanganui 284 393 359 505 540
Taranaki 142 173 182 231 204
Wellington 803 912 912 1,078 952
Nelson/Marlborough 202 262 313 297 334
Canterbury/Westland 704 807 990 1,348 1,372
Otago 249 339 438 460 489
Southland 195 216 303 311 326
NZ Total 5,489 6,976 8,036 10,138 10,193

REGION AUGUST 96 AUGUST 97 AUGUST 98 AUGUST 99
Northland 187 214 134 136
Auckland 2,045 2,212 1,964 2,188
Waikato/BOP/Gisborne 1,045 1,178 802 904
Hawkes Bay 208 239 215 242
Manawatu/Wanganui 290 299 278 334
Taranaki 163 138 147 170
Wellington 788 800 767 917
Nelson/Marlborough 212 214 182 222
Canterbury/Westland 1,117 1,000 825 683
Otago 277 236 230 260
Southland 169 150 137 187
NZ Total 6,501 6,680 5,681 6,243

REGION Value of sales AUGUST 2003
Northland 61,464,150
Auckland 1,361,595,721
Waikato/BOP/Gisborne 358,656,735
Hawkes Bay 58,124,524
Manawatu/Wanganui 68,245,590
Taranaki 29,615,421
Wellington 247,682,257
Nelson/Marlborough 88,466,416
Canterbury/Westland 264,005,694
Otago 87,587,156
Southland 65,671,433
NZ Total 2,691,115,097

MEDIAN PRICE BY DISTRICT FOR AUGUST 2003

DISTRICT DWELLINGS SECTIONS
Northland 170,000 95,000
Auckland 315,000 160,000
Waikato/BOP/Gisborne 180,000 79,250
Hawkes Bay 167,000 75,500
Manawatu/Wanganui 109,000 54,000
Taranaki 123,000 43,000
Wellington 225,000 95,062
Nelson/Marlborough 238,000 170,000
Canterbury/Westland 162,500 88,500
Otago 132,500 94,750
Southland 110,000 142,500
Total NZ$ 215,000 100,000
* Dwelling includes houses, units, town houses, apartments, residential investment blocks and home and income.
AUCKLAND BY REGION AUGUST 2000 – 2003
MEDIAN
AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
Nth Shore 250,000 255,000 294,165 345,000 357,500
Waitakere 195,000 188,000 208,000 251,000 244,750
Akl City 262,000 279,000 302,000 382,750 380,000
Manukau 220,000 240,000 264,500 291,000 311,500
Papakura 175,000 175,000 190,000 216,250 195,000
Metro Akl 238,750 244,625 270,000 311,500 325,000
NUMBER SOLD
AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
Nth Shore 342 430 514 598 721
Waitakere 244 313 379 557 510
Akl City 631 929 1,037 1,100 1,178
Manukau 370 476 608 689 639
Papakura 41 60 71 110 120
Metro Akl 1,628 2,208 2,609 3,054 3,168

WELLINGTON BY REGION AUGUST 2000 – 2003
MEDIAN
AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
Hutt Valley 162,500 175,000 168,000 194,000 216,250
Northern 220,000 250,000 242,500 264,000 295,000
Western 280,000 275,000 326,250 334,100 285,000
Southern 258,125 225,000 253,353 308,000 321,294
Eastern 247,500 245,000 292,000 325,000 337,000
Central 285,000 252,500 297,000 304,200 315,000
NUMBER SOLD
AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
Hutt Valley 190 217 206 212 194
Northern 87 107 94 97 86
Western 55 51 56 58 45
Southern 42 48 59 108 42
Eastern 40 53 44 55 47
Central 53 57 71 97 77
CHRISTCHURCH BY REGION AUGUST 2000 – 2003
MEDIAN
AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
City Central 180,000 144,000 175,000 183,500 210,000
N/East
Avndl/Aside/Burwd Park 155,000 141,000 160,000 174,500 190,000
W/Inner
Riccn/Upper Riccn 157,000 147,500 158,000 202,500 186,000
W/Outer
Hrnby/Heih/Sckbn 119,250 117,500 126,000 142,000 162,750
N/W Inner
Meriv/Fendn/Ilam 269,500 250,000 280,000 310,000 332,000
ChCh City Total
All 19 sub-regions 153,500 147,500 157,000 184,750 185,000
NUMBER SOLD
AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
City Central 30 29 31 44 51
N/East
Avndl/Aside/Burwd Park 35 54 65 68 64
W/Inner
Riccn/Upper Riccn 10 17 27 42 30
W/Outer
Hrnby/Heih/Sckbn 24 34 33 37 44
N/W Inner
Meriv/Fendn/Ilam 48 55 61 75 75
ChCh City Total
All 19 sub-regions 515 565 694 870 894

OTAGO BY REGION AUGUST 2000 – 2003
MEDIAN
AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
Dunedin City 102,500 107,500 105,350 134,000 132,000
Central Otago 140,500 202,250 140,000 206,000 295,000
North Otago 85,000 81,500 72,000 94,000 114,500
South Otago 52,000 64,000 48,750 61,000 56,500
East Otago 58,000 70,000 59,000 85,500 98,000
NUMBER SOLD
AUGUST 00 AUGUST 01 AUGUST 02 JULY 03 AUGUST 03
Dunedin City 186 230 264 315 313
Central Otago 32 44 73 51 75
North Otago 17 46 57 59 64
South Otago 11 10 36 27 19
East Otago 3 9 8 8 18

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS
FOR JULY 1996-2003

REGION JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
Northland 130,000 160,000 141,500 168,000 175,000
Auckland 231,000 239,000 259,000 289,000 298,000
Waikato/BOP/Gisborne 155,000 162,000 167,000 176,000 177,000
Hawkes Bay 116,000 135,000 138,000 150,000 158,000
Manawatu/Wanganui 110,000 105,000 99,000 107,750 111,000
Taranaki 96,000 96,750 111,000 125,000 130,000
Wellington 183,000 190,000 205,000 220,500 237,000
Nelson/Marlborough 147,000 145,000 156,000 219,000 212,500
Canterbury/Westland 140,000 136,000 141,000 159,500 165,000
Otago 94,500 94,500 106,750 124,000 132,750
Southland 72,500 84,000 76,000 108,000 98,000
NZ Total 170,000 170,000 185,000 210,000 211,250

REGION JULY 96 JULY 97 JULY 98 JULY 99
Northland 117,750 134,500 141,500 139,000
Auckland 222,500 238,000 226,500 232,000
Waikato/BOP/Gisborne 130,500 151,000 152,250 152,000
Hawkes Bay 120,000 122,500 118,000 120,875
Manawatu/Wanganui 97,500 99,250 90,000 100,000
Taranaki 94,750 95,000 95,000 92,000
Wellington 138,500 155,000 160,000 178,500
Nelson/Marlborough 138,750 136,500 138,000 142,000
Canterbury/Westland 130,000 140,000 143,500 146,000
Otago 100,000 95,500 90,500 95,000
Southland 75,000 71,000 74,500 83,000
NZ Total 147,000 162,000 165,000 167,000

TOTAL DWELLING SALES FOR JULY 1996-2003
REGION JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
Northland 132 192 222 294 325
Auckland 1,711 2,004 2,867 3,579 3,570
Waikato/BOP/Gisborne 717 897 1,189 1,558 1,672
Hawkes Bay 160 170 237 327 341
Manawatu/Wanganui 329 375 320 500 505
Taranaki 134 144 204 233 231
Wellington 791 777 846 938 1,078
Nelson/Marlborough 174 264 319 326 297
Canterbury/Westland 651 812 1,003 1,285 1,348
Otago 236 258 320 453 460
Southland 133 229 268 297 311
NZ Total 5,168 6,122 7,795 9,790 10,138

REGION JULY 96 JULY 97 JULY 98 JULY 99
Northland 203 236 148 208
Auckland 1,803 2,338 1,719 2,219
Waikato/BOP/Gisborne 843 1,295 747 1,068
Hawkes Bay 195 273 184 186
Manawatu/Wanganui 268 347 236 328
Taranaki 149 174 149 186
Wellington 707 937 739 961
Nelson/Marlborough 190 263 160 243
Canterbury/Westland 813 1,086 763 1010
Otago 227 262 265 274
Southland 145 182 164 163
NZ Total 5,543 7,393 5,274 6,846

REGION Value of sales JULY 2003
Northland 66,391,250
Auckland 1,327,266,069
Waikato/BOP/Gisborne 348,849,725
Hawkes Bay 62,462,474
Manawatu/Wanganui 63,322,300
Taranaki 32,795,575
Wellington 283,627,725
Nelson/Marlborough 72,927,624
Canterbury/Westland 252,313,737
Otago 75,946,804
Southland 45,833,035
NZ Total 2,631,736,318

MEDIAN PRICE BY DISTRICT FOR JULY 2003

DISTRICT DWELLINGS SECTIONS
Northland 175,000 85,000
Auckland 298,000 142,000
Waikato/BOP/Gisborne 177,000 74,500
Hawkes Bay 158,000 107,750
Manawatu/Wanganui 111,000 57,750
Taranaki 130,000 60,000
Wellington 237,000 87,000
Nelson/Marlborough 212,500 110,000
Canterbury/Westland 165,000 94,000
Otago 132,750 83,000
Southland 98,000 141,000
Total NZ$ 211,250 96,000
* Dwelling includes houses, units, town houses, apartments, residential investment blocks and home and income.
AUCKLAND BY REGION JULY 2000 – 2003
MEDIAN
JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
Nth Shore 266,000 266,250 295,000 339,000 345,000
Waitakere 195,000 192,000 215,000 239,900 251,000
Akl City 272,000 258,000 285,000 355,000 382,750
Manukau 220,000 241,750 250,250 290,000 291,000
Papakura 187,000 176,500 169,000 200,000 216,250
Metro Akl 233,892 244,000 263,900 300,000 311,500
NUMBER SOLD
JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
Nth Shore 336 348 511 733 598
Waitakere 224 231 333 538 557
Akl City 579 716 1,001 1,092 1,100
Manukau 345 424 600 669 689
Papakura 47 46 83 87 110
Metro Akl 1,531 1,765 2,528 3,119 3,054

WELLINGTON BY REGION JULY 2000 – 2003
MEDIAN
JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
Hutt Valley 162,500 170,000 185,000 196,000 194,000
Northern 225,000 217,500 253,000 288,750 264,000
Western 235,000 267,250 292,600 386,350 334,100
Southern 231,000 253,500 265,000 331,000 308,000
Eastern 295,000 275,000 287,000 340,500 325,000
Central 272,500 250,000 295,000 283,500 304,200
NUMBER SOLD
JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
Hutt Valley 171 143 170 214 212
Northern 111 95 96 94 97
Western 63 52 51 46 58
Southern 40 48 54 37 108
Eastern 56 36 43 44 55
Central 26 53 69 67 97
CHRISTCHURCH BY REGION JULY 2000 – 2003
MEDIAN
JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
City Central 134,000 170,000 167,750 214,000 183,500
N/East
Avndl/Aside/Burwd Park 140,500 130,000 156,250 175,000 174,500
W/Inner
Riccn/Upper Riccn 167,000 144,500 156,650 167,500 202,500
W/Outer
Hrnby/Heih/Sckbn 128,000 116,000 124,500 153,500 142,000
N/W Inner
Meriv/Fendn/Ilam 240,000 232,500 252,000 315,000 310,000
ChCh City Total
All 19 sub-regions 148,000 145,000 152,000 181,750 184,750
NUMBER SOLD
JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
City Central 16 28 22 30 44
N/East
Avndl/Aside/Burwd Park 32 49 50 81 68
W/Inner
Riccn/Upper Riccn 21 19 44 27 42
W/Outer
Hrnby/Heih/Sckbn 17 26 45 43 37
N/W Inner
Meriv/Fendn/Ilam 47 52 55 67 75
ChCh City Total
All 19 sub-regions 465 551 687 778 870

OTAGO BY REGION JULY 2000 – 2003
MEDIAN
JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
Dunedin City 101,000 100,000 106,000 124,000 134,000
Central Otago 101,250 127,500 164,000 212,500 206,000
North Otago 62,500 71,000 65,000 87,000 94,000
South Otago 57,500 49,000 17,500 83,500 61,000
East Otago 46,000 75,000 56,500 60,750 85,500
NUMBER SOLD
JULY 00 JULY 01 JULY 02 JUNE 03 JULY 03
Dunedin City 159 151 209 311 315
Central Otago 22 46 54 56 51
North Otago 37 34 43 57 59
South Otago 12 18 2 17 27
East Otago 6 9 12 12 8

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