WELLINGTON, Jan 18 (Reuters) - New Zealand house prices rose but sales fell in December pointing to a stabilising property market as the economy recovers, the Real Estate Institute of New Zealand (REINZ) said on Monday.
Sales by the industry group's members were down 18.1 percent from November, reflecting tight supply and the traditional end of year slowdown, but were up 15.2 percent on a year ago.
The national median house price was NZ$360,000 ($264,705), up 1.4 percent from the previous month and 9.6 percent higher than the same month last year.
The housing market has been improving over recent months, after its sharp decline in the past year, although the median price was still 3.8 percent lower than its peak in November 2007.
The REINZ's house price index fell 0.9 percent in December and was 6.4 percent higher than a year earlier.
The median number of days to sell a house was unchanged at 33 from November.
On Dec 10 the Reserve Bank of New Zealand held interest rates steady at 2.50 percent, with the recovery in the property market one factor helping improve economic outlook. The RBNZ expected the housing market peak of 2007 would be regained in early 2010.
In a survey released on Jan. 14, government agency Quotable Value said house prices gained for the third month in a row in December, with prices now only 4.9 percent below the 2007 high.
($1=NZ$1.36)
((Wellington newsroom tel 64 4 471 4234, fax +64 4 4736 212, wellington.newsroom@reuters.com)) Keywords: NEWZEALAND ECONOMY/PROPERTY (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Sales by the industry group's members were down 18.1 percent from November, reflecting tight supply and the traditional end of year slowdown, but were up 15.2 percent on a year ago.
The national median house price was NZ$360,000 ($264,705), up 1.4 percent from the previous month and 9.6 percent higher than the same month last year.
The housing market has been improving over recent months, after its sharp decline in the past year, although the median price was still 3.8 percent lower than its peak in November 2007.
The REINZ's house price index fell 0.9 percent in December and was 6.4 percent higher than a year earlier.
The median number of days to sell a house was unchanged at 33 from November.
On Dec 10 the Reserve Bank of New Zealand held interest rates steady at 2.50 percent, with the recovery in the property market one factor helping improve economic outlook. The RBNZ expected the housing market peak of 2007 would be regained in early 2010.
In a survey released on Jan. 14, government agency Quotable Value said house prices gained for the third month in a row in December, with prices now only 4.9 percent below the 2007 high.
($1=NZ$1.36)
((Wellington newsroom tel 64 4 471 4234, fax +64 4 4736 212, wellington.newsroom@reuters.com)) Keywords: NEWZEALAND ECONOMY/PROPERTY (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.