UPDATED 15th Dec 2009
This is a follow on / up to my Preview post of a couple days back.
Here are the Official REINZ figures released yesterday, Monday 14th Dec 2009.
The region median price for a Nelson/Marlborough home nudged up from Octobers $320,000 to $326,000 in November. The Institute report that in the region overall 199 houses sold vs 206 last month, October 2009. A year ago in November 2008 the figure was 154.
As mentioned earlier 100 houses sold in Nelson City in November (Vs 93 in October 2009 and 59 last year in November ). Likewise the median price for a Nelson City home increased to $320,000 (Vs $315,000 the month prior and $330,000 in November 2008.
With property investment at the top of the list for Kiwi assets, the”safe as houses” thread was reinforced again with the Institute noted that since 2000 when the median home price was NZD$174,000, national median home prices have doubled. They also commented that the NZ median home price “is also up $17,500 or 5.2 percent on the median price for November 2008.”
One thing to stand out was the fact that Nelson did not “standout.”
In other words no specific mention in the November Sales report re any major surge or falls.
This is a good thing because as I frequently contend, its further evidence that our market is a stable one, witness this snapshot from a latest REINZ chart.
You can’t help but spot the fact of the purple and blue lines getting very close can you?
Ample demonstration that you must get your price right first time in todays market.
Its also a sign that that the stock on the market is tight.
Further illustration of our area’s situation on the national map is ventured with this graphic, again another snapshot from a latest REINZ chart.
You can see that Stoke’s blue line very closely tracks the nation (the dark green line)and in fact Richmond isn’t too far off either, signs of a healthy and sturdy local market. The bright green one, well that’s from another part of the country, but I thought it adds contrast to what I’m talking about.
REINZ – Real Estate Institute of New Zealand