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Thread: Property prices reach all-time high

  1. #1
    MotherBear's Avatar
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    Default Property prices reach all-time high

    Property prices reach all-time high
    11:30 AM Friday Nov 13, 2009

    The national median house price has attained its highest ever level, passing the $352,000 reached in November 2007.

    Real Estate Institute of New Zealand (REINZ) figures published today put the national median house price in October at $355,000, nearly 6 per cent higher than a year earlier and $5000 higher than September.

    That takes the national median to its highest ever level, $3000 above the mark reached in November 2007, REINZ data shows.

    Overall, house prices continued to rise last month but the number of sales was lower than in September, latest figures show.

    The time taken to sell also improved in October, with the national median at 31 days last month, compared to 33 in September and 47 a year earlier.

    More here.
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    Default

    Yet our house has been on the market since last December with 2 price drops and still no takers - perhaps the buyers are all in one area :(
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    I saw another similar article where Auckland was mentioned although I didn't read through it. Of course, now I go to look for it again, it has disappeared.
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    A Real Estate agent interviewed today on National Radio said that median prices were currently very distorted . A few very nice properties are being competitively bid on and selling, which pushes the median price up, but those buyers not getting that desirable house are not purchasing another property, just waiting. He said many other houses are sitting on the market for a year or more.

    Radio New Zealand News : Stories : 2009 : 11 : 16 : Real estate firm disputes mini-housing boom claim

  5. #5
    widesheds is offline Junior Member
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    Default Hello....

    Hi...

    As we have talk about property investment is become a just like money making idea. Many of person are investing them money in a property and getting much more money backup in a short time.

  6. #6
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    Default slow market

    Certainly in Dunedin this year has been tough with properies not selling as quick and many not deciding to sell.
    Property is selling below the rateable value in many cases.

    We have noticed a glut of 1st time buyer houses at under $200.000 with Investor activity very slow...at least it gives 1st time buyers a chance

    And feedback shows us the market quiet in many area's..a good time to get on the ladder and buy

  7. #7
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    Default oops

    Sorry about spelling.it must be my keyboard...

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