House prices stable despite dip

Gisborne market continues to be buoyant

Gisborne market continues to be buoyant

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A $50,000 drop in average house sale prices here last month is not expected to put the brakes on Gisborne’s buoyant housing market, the Real Estate Institute says.

Latest statistics from the Real Estate Institute (REINZ) relating to the Gisborne residential market reports that the median sale price for the area in March was $280,000.

REINZ regional director Philip Searle said while on the surface it appeared as though the median had dropped from the $320,000 reported in February, taken over a three-month period Gisborne’s median price had remained stable at $295,000.

“This is in line with anecdotal evidence from agents. Comparing the medians over a couple of years, the Gisborne market is showing a steady increase from the $225,000 reported in March 2015.

“The volume of sales through members of the Real Estate Institute in Gisborne continues on a steady upwards path, with 67 sales taking place in March.

Days on the market at 35 is in line with the average for NZ, which indicates a balance between what vendors are expecting and buyers are willing to pay.

“Obviously we do see some properties stick on the market for a period while the owners come to grips with the market.

“The 35 days to sell is also a result of the relatively large number of auctions carried out in Gisborne.

“Gisborne agents are reporting a continuing amount of interest from buyers moving into the district, as well as outside investors discovering the area. The Gisborne market continues to be buoyant, even with the onset of wet weather.”

A $50,000 drop in average house sale prices here last month is not expected to put the brakes on Gisborne’s buoyant housing market, the Real Estate Institute says.

Latest statistics from the Real Estate Institute (REINZ) relating to the Gisborne residential market reports that the median sale price for the area in March was $280,000.

REINZ regional director Philip Searle said while on the surface it appeared as though the median had dropped from the $320,000 reported in February, taken over a three-month period Gisborne’s median price had remained stable at $295,000.

“This is in line with anecdotal evidence from agents. Comparing the medians over a couple of years, the Gisborne market is showing a steady increase from the $225,000 reported in March 2015.

“The volume of sales through members of the Real Estate Institute in Gisborne continues on a steady upwards path, with 67 sales taking place in March.

Days on the market at 35 is in line with the average for NZ, which indicates a balance between what vendors are expecting and buyers are willing to pay.

“Obviously we do see some properties stick on the market for a period while the owners come to grips with the market.

“The 35 days to sell is also a result of the relatively large number of auctions carried out in Gisborne.

“Gisborne agents are reporting a continuing amount of interest from buyers moving into the district, as well as outside investors discovering the area. The Gisborne market continues to be buoyant, even with the onset of wet weather.”

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