Prices continue to Rise in Southland

Real Estate Institute national president Howard Morley said the slowdown in prices was usual at this time of year when a midwinter lull hit sales.

Despite the drop in the main centres, some regions continued to show good growth, he said.

July’s star performer was Hawke’s Bay, which made up some ground lost in June, with the median price climbing $13,500 to $250,000.

Southland had the second-largest price rise last month, up $10,500 to $138,500, followed by Nelson/Marlborough up $9000 to $273,500.

June’s standout performer, Queenstown, eased back a huge $64,500 in July.

In June, Queenstown became New Zealand’s most expensive suburb when it knocked Auckland’s North Shore and Mt Maunganui off the top slots with a median price of $497,000.

Central Wellington median house prices are continuing to tumble, falling from $372,500 in May to $360,000 in June and $348,750 in July.