As someone who is both buying and selling in these markets I am often amused by how the stats are used to manipulate public sentiment.
Don’t always believe everything you read was something my dad would say, just because it is in a News Paper does not mean it is true was another saying frequently heard.
The numbers in the news media are often so contradictory to what is happening in real life it is often beyond a joke.
As mentioned the following excerpt is interesting reading.
Total residential dwelling sales recovered last month from their lowest level in nearly two decades, but the national median price has remained steady at $350,000 in figures released today by the Real Estate Institute of New Zealand (REINZ).
Real Estate Institute of New Zealand President Peter McDonald says it is pleasing to see residential property sales turnover return to normal levels for a February at 5029.
‘Agents report an air of caution amongst buyers, most of whom are genuine home seekers as opposed to investors, and this is reflected in the increase to 46 in the median days taken to sell a listed dwelling,’ he says.
‘Recent Government discussions of potential tax changes have halted the number of inquiries from investors who usually buy at the lower end of the price range. Most interest at present is in the $400,000 to $600,000 bracket and no change in interest rates is keeping the genuine home buyers in the market,’ Mr McDonald said. ‘We are seeing a good supply of listings and high levels of inquiry so we expect the market to remain reasonably balanced and maybe strengthen as we move into the autumn months.’
The total value of residential sales, including sections, in New Zealand in February was $2.14 billion, a significant increase on the January total of $1.53 billion. The February total of 5029 dwellings sold is also well up on the January figure of 3,666. The breakdown of the values of the properties was 134 for $1 million plus, 587 for $600,000 – $999,999, 1269 for $400,000 – $599,999 and 3039 under $400,000.
While the February national median residential house price remained level with the January figure, it is still 6 percent up on the median price for February 2009. There has also been an increase in 10 out of 12 districts in February when compared to the same month last year.
The largest gains were in Taranaki, up 9.61 percent to $285,900, followed by Auckland up 7.59 percent to $453,500. After topping the list of percentage increases in January, Otago was the only region to experience a drop in median prices, down 0.44 percent from $223,000 in February 2009 to $222,000 last month. The annual increase in median prices was zero in Northland and less than 2 percent in Waikato/BOP and Manawatu/Wanganui.
Auckland residential sales, including sections, accounted for $874 million of total sales in February. Canterbury/Westland and Wellington were the next greatest value at $284m and $273m respectively.
The national median for days to sell in February was 46, up three on the January figure, but still 16 fewer days than the corresponding period a year ago. Sales were quickest in Wellington and Southland at 32 median days.
So what do you make of that?
I have my opinion leave me a comment and lets talk about what all of that really means.