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Real estate still buoyant, prices hit record highs |
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Timaru Herald
20 June 2006
Timaru house sales jumped again last month.
Figures released by the Real Estate Institute of New Zealand yesterday, show 112 house sales in Timaru in May, more than double the number of the previous month, and yet another record average price.
The average sale price was just over $210,000, up more than $7000 on the average price paid for the 53 homes sold during April.
The May figures show the time a Timaru property took to sell was 35 days, eight days longer than in April and double the length of time of six months ago.
With 42 sales in other parts of South Canterbury, the May figure was only one less than in April. The average selling price in May was $207,732, well up on the April average price of $165,430. The length of time a property was on the market also lengthened in those areas, sitting at 70 days in May, as against 48 in April.
Of the 18 sections sold throughout the district last month, only one was in Timaru. The average price for the sites was more than $136,200.
The South Canterbury figures were in line with the national market for May. Nationwide 9642 sales were recorded, up from April's figure of 7576, and also the May 2005 figure of 9249. With the exception of 2003, the May figure was higher than any other May figure recorded in the last decade.
"The sales statistics show the market has consolidated; prices remain strong with a good number of properties continuing to sell, which shows a resilient residential property market," REINZ national president Howard Morley said of the latest figures.
While it was taking a little longer to sell a property, Mr Morley said even with the national average being 38 days, that was well below the average for the last 10 years.
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