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News: Auckland pushes NZ prices higher

Tue, 05 Jun 07

Auckland was behind another solid increase in New Zealand residential property prices in April, for the second month running, according to the Real Estate Institute of New Zealand Inc. (REINZ)...

The Auckland Region residential property median price bounded up another $9,000 (about R46 000) from $443,000 (about R2,29m) in March to $452,000 (about R2,34m) in April, helping the national median price up from $343,500 (about R1,77m) in March to $349,000 (about R1,8m) in April.

The strength of the market was illustrated by nine regions experiencing increases in prices, with just two regions falling in price and one remaining unchanged.

But Auckland again took the limelight with the Auckland Metropolitan median up $10,000 (about R51 800) from $449,000 (about R2,32m) to $459,000 (about R2,37m) helped by a drop in sales from 3 446 in March to 2 559 in April, which although partly due to the impact of the Easter and Anzac public holidays shortening April to 18 working days, suggests that a shortage of properties is a key factor in rising prices.

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