Slow selling in the Bay

Houses are selling slowly in the Bay of Plenty compared to most other regions in New Zealand.
The Real Estate Institute of New Zealand's figures for August show, houses are selling fastest in Auckland and Canterbury and Westland, with properties snapped up within a median of 30 days.



It takes 40 days or less everywhere else, apart from 62 days in Northland, 44 days in the Waikato / Bay of Plenty region, 43 days in the Hawkes Bay and 80 days in Central Otago.
REINZ President Mike Elford says the noticeable increase in number and speed of turnover nationally, compared with a year ago, is pleasing, but notes it is early days yet, and there needs to be caution in drawing conclusions from these trends.
The REINZ monthly housing price index increased by 1.2 per cent to 3172.7 in August.
In the three months to August, housing prices increased by 1.6 per cent.
Compared to 12 months earlier, the REINZ housing price index increased by 2.6 percent.
Housing prices are 6.2 per cent below their November 2007 peak.

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