13 Oct 2011

Real estate hasn't experienced usual spring surge

10:30 am on 13 October 2011

The real estate sector doesn't appear to have experienced its usual spring surge.

The Real Estate Institute says sales totalled 5200 in September - 21% more than in the same month last year.

But volumes only rose by 43 during the month, which the institute says is modest, given the lift usually experienced during spring, which is considered a good time to sell.

When adjusted for seasonal effects, volumes fell 2.3%.

The national median house price fell $5000 to $350,000 - the same as it was in September last year.

On average, it took 37 days to sell a house in September, two days faster than in August.

Meanwhile, figures from the government valuer QV show property values are now 0.7% higher than at the same time last year, but 4.6% below the market peak of 2007.