13 May 2009

Confidence returning to property market

5:56 am on 13 May 2009

The Real Estate Institute says rising house prices and increased turnover indicate the property market is stabilising.

Latest sales figures show the median house price in April was $340,000 - up $5000 from March and $10,000 from February.

REINZ president Mike Elford says turnover is also improving with 6210 houses sold last month - compared to 4450 in April 2008.

Mr Elford says some confidence has returned to the property market.