Two sets of real estate figures released last week show the property market continues to soften.
Although average house sale prices in Marlborough rose last month, both the growth rate and the number of sales slowed.
Real Estate Institute of New Zealand (REINZ) figures released on Friday showed that the Marlborough region's median fell from $350,000 in February to $311,250 in March. In March last year, the median was $325,000.
The region's figures bucked the national trend of noticeable drops in under-$400,000 properties, with sales dominated by properties at the lower end of the market.
The REINZ figures showed the national median price up from $337,500 in February to $349,000 in March, with an annual increase of 1.6 percent from the $343,500 in March 2007.
Nationally, house sales plummeted in March to 5129, compared with 6356 in February, and more than double that figure of 10,989 in March last year.
The REINZ figures for the Marlborough region showed just 84 houses sold in March, down from a figure of 99 in February.
In March last year house sales numbered 142.
Meanwhile, despite an increase in the average sale price in the region, Quotable Value (QV) figures released today show Marlborough's price growth percentages took a slide to 4.8 percent in March, down from 6.7 percent in February.
Nationally, residential property annual growth percentages also dropped to 6.5 percent in March, down from 7.7 percent in February.
The average Marlborough region sale price increased last month by just over one percent, from $363,869 in February to $368,707.
Nationally, the average sale price for homes fell to $388,894 last month from $393,240 in February, Quotable Value figures show.
"The market is continuing to soften, with more listings and fewer buyers leading to reduced demand," said QV spokesman Blue Hancock.
"While some properties or localities are selling below previous expectations, other areas continue to hold up well," he added.
Market sentiment was negative and likely to remain so through the winter months, Mr Hancock said.
REINZ national president Murray Cleland said that while confidence, especially in the bottom end of the market, appeared to have fallen, the earliest Easter in many years also had a part in the drop in sales.
Of the 12 regions covered, median prices fell in seven, rose in four and were unchanged in one, Mr Cleland said.
The unusual factors in March could not hide the fact that in many parts of the country prices were rather weaker.
The likelihood that a growing number of properties would come on the market either through bank-forced sales, or through the collapse of property investment schemes, would put more pressure on the market, Mr Cleland said.
He added that he felt median prices would be unpredictable because of the low sales.
Although average house sale prices in Marlborough rose last month, both the growth rate and the number of sales slowed.
Real Estate Institute of New Zealand (REINZ) figures released on Friday showed that the Marlborough region's median fell from $350,000 in February to $311,250 in March. In March last year, the median was $325,000.
The region's figures bucked the national trend of noticeable drops in under-$400,000 properties, with sales dominated by properties at the lower end of the market.
The REINZ figures showed the national median price up from $337,500 in February to $349,000 in March, with an annual increase of 1.6 percent from the $343,500 in March 2007.
Nationally, house sales plummeted in March to 5129, compared with 6356 in February, and more than double that figure of 10,989 in March last year.
The REINZ figures for the Marlborough region showed just 84 houses sold in March, down from a figure of 99 in February.
In March last year house sales numbered 142.
Meanwhile, despite an increase in the average sale price in the region, Quotable Value (QV) figures released today show Marlborough's price growth percentages took a slide to 4.8 percent in March, down from 6.7 percent in February.
Nationally, residential property annual growth percentages also dropped to 6.5 percent in March, down from 7.7 percent in February.
The average Marlborough region sale price increased last month by just over one percent, from $363,869 in February to $368,707.
Nationally, the average sale price for homes fell to $388,894 last month from $393,240 in February, Quotable Value figures show.
"The market is continuing to soften, with more listings and fewer buyers leading to reduced demand," said QV spokesman Blue Hancock.
"While some properties or localities are selling below previous expectations, other areas continue to hold up well," he added.
Market sentiment was negative and likely to remain so through the winter months, Mr Hancock said.
REINZ national president Murray Cleland said that while confidence, especially in the bottom end of the market, appeared to have fallen, the earliest Easter in many years also had a part in the drop in sales.
Of the 12 regions covered, median prices fell in seven, rose in four and were unchanged in one, Mr Cleland said.
The unusual factors in March could not hide the fact that in many parts of the country prices were rather weaker.
The likelihood that a growing number of properties would come on the market either through bank-forced sales, or through the collapse of property investment schemes, would put more pressure on the market, Mr Cleland said.
He added that he felt median prices would be unpredictable because of the low sales.
Source: Marlborough Express
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