11 Nov 2011

October house prices down

6:48 pm on 11 November 2011

The Real Estate Institute says house sales and prices fell in October, but were up on the same month in 2010.

The Institute says the house price index fell 0.3% in October, but that was 3% higher than a year ago.

A total of 5,000 properties were sold in the month, which was 4% down on September sales, but well up on October 2010 at 28%.

ANZ's head of market economics and strategy Khoon Goh says, on a seasonally adjusted basis, sales fell 2.5% - which was worse than expected.

He says the Auckland market is looking strong and healthy buyt it is not the same situation for the rest of the country.

He says it is possible the distraction of the Rugby World Cup might have accounted for the drop but says whether that is the case will only become clear in the next couple of months.