Bay homes sell for more

The selling price for homes in the Western Bay of Plenty rose in October, compared to September 2009 and October last year.
The figures from the Real Estate Institute of New Zealand show the median selling price for a house in the Mount Maunganui and Papamoa region was $422,500 in October and $395,000 for properties in Tauranga.

Median sale prices in Mount Maunganui and Papamoa have risen from $378,000 in September and $398,750 in October 2008.
But the number of houses sold in the region was down in October, with only 66 houses sold compared to 81 in September.
In Tauranga, 117 houses were sold in October compared with 130 sold in September.
Tauranga's median sale price was up from $354,000 in September and $340,000 in October 2008.
REINZ president Peter McDonald says the steady return of property values is a positive sign, confirming property as the very best investment.
'The rises aren't, in most cases, dramatic, but slow and steady over the past few months as confidence returns to the market. For the first time we are over the peak of prices in 2007 which is a very reassuring milestone.
I believe the market will firm even further with the better economic news we're hearing more and more frequently,” says Peter.

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