The number of sales for 2010 is showing an upward trend similar to the start of 2009. With both median residential property prices and the number of sales rising last month, buyers are left spoilt for choice!

House prices are going up as a result of strong demand from genuine home buyers with the median sale price of $360,500 being the highest March figure in twenty years. According to figures released from the Real Estate Institute of New Zealand (REINZ) the number of sales broke through the 6000 barrier last month with 6161 dwellings sold – an improvement on the February figure of 5029.

The total value of residential sales, including sections, in New Zealand in March was $2.73 billion, an increase on the February total of $2.14 billion. The breakdown of the values of the properties was 208 for $1 million plus, 812 for $600,000 - $999,999, 1589 for $400,000 - $599,999 and 3552 under $400,000.

There have been increases in the median price in all 12 districts ranging from 1 to nearly 10 percent when compared to the same month last year.

Once again two of the largest annual percentage increases were in Auckland, up 9.31 percent to $475,500, and Taranaki up 8.52 percent to $280,000. While in Otago and Central Otago Lakes, where median prices in February were down on the same month last year, there was only minimal increase in March. However in Southland the annual median price percentage increase is more than 5.3 per cent to $191,750.

Auckland residential sales, including sections, accounted for $1,267 million of total sales in March. Wellington and Canterbury/Westland were the next greatest value at $350 million and $326 million respectively.

Another indicator of the strengthening market is a fall in the national median for days to sell from 46 in February to just 35 in March, which is also down on the figure of 44 for the corresponding period a year ago. Sales were quickest in Wellington, Canterbury/Westland and Otago at 29 median days.