13th November 2009 UPDATE
As mentioned in my earlier preview of the Nelson Property Report a few days ago, the Real Estate Institute have officially released figures this morning for the October 09 period.
In discussing Nelson they said;
93 houses sold in Nelson City in October (September 2009: 83; October 2008: 51).
The median price decreased to $315,000 (September 2009: $345,000; October 2008: $315,000).
The median price for a Nelson Council zone house was down at $340,000 in October (September 2009: $345,000; October 2008: $328,500). 147 houses sold (September 2009: 148; October 2008: 95).
Under the heading RESIDENTIAL MARKET ACHIEVES 10 YEAR HIGH, Institute President, Peter McDonald commented that
the steady return of property values (for Oct 09 that is) is a positive sign, confirming property as the very best investment
They also reported that median house prices are at their highest over the past 10 years for the month of October. Furthermore the national median price is up nearly 6 percent on October of last year, and a slight $5k bump up on last month.
Amid plently of press yesterday, depending where you read it, we are about to see home prices fall, or a boom around the corner, with Westpac swaying in with “housing was displaying all the symptoms of a bull market.”
To my mind, I think Peter Thompson from Barfoot & Thompsons best summed it up in one word when he called it a “correction.”
Full Oct 2009 Report go here.
Full Oct 2009 statistics update go here.