14 Sep 2009

House prices creeping back up

2:59 pm on 14 September 2009

Figures from the Real Estate Institute show the median house price has begun to recover from the low of 2008.

The median price for August was $346,750 dollars, a rise of $16,750 on the same month last year.

The figure is still lower than the $350,000 median price reached in August 2007.

The number of homes sold in August rose to 5,878, a 29% increase on the same month a year ago.

Sales for houses in the million dollar plus bracket increased by almost a third, to 163.

Institute president Mike Elford says the sector is a long way off another boom, but factors such as lower interest rates are attracting more potential buyers to the market.