House prices up, but sales slow
House prices rose a modest 1.4 per cent in December, but ended the year nearly 10 per cent up from the year before.
Sales figures released this morning by the Real Estate Institute of New Zealand (REINZ) show the median residential house price rose in 11 out of 12 districts last month when compared to the same month the previous year.
The national median of $360,000 was up 9.6 per cent on the corresponding figure of $328,500 recorded for December 2008. It was also up $5,000 on the median price for November 2009.
In Auckland, housing prices in December were 9.7 per cent above those in December 2008 with housing prices in Wellington up 9.5 per cent, and Christchurch up by 5.8 per cent.
Other South Island suburbs were up 8.6 per cent and other North Island suburbs were up by 4.2 per cent- also up from the year earlier levels.
The REINZ Monthly Housing Price Index - a more accurate measure of nationwide real estate movements, fell by 0.9 per cent to 3253.4 in the December 2009 month.
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