The Southland Property Market factsheet for July 2010 can be downloaded by clicking this icon.
The median property price in Southland fell sharply in June, from the may figure of $197,000, to $172,000. As compared to a year ago prices in the region are in the month down over 11%. This takes the current price close to the low of $165,000 in November 2008.
Property sales in the region fell 10% in June on a seasonally adjusted basis to 111 properties. The first half of 2010 has seen a total of 711 sales as compared to 842 in the same period in 2009 – a drop of 16%.
Inventory of houses on the market spiked upwards in June as a result of the sales decline. The June level of 44 weeks of equivalent sales compares to the 40 weeks in May. This June inventory of 44 weeks of equivalent sales remains high as compared to the long term average of 26 weeks. This would indicate that the market is still favouring buyers.
