11 Dec 2008

House prices steady, despite drop in sales

6:18 pm on 11 December 2008

New figures from the Real Estate Institute show median house prices for November have held steady, in spite of a drop in the number of sales from the previous month.

The national median was $337,500 in November compared with $335,000 in the previous month, while the number of houses sold fell from 4,469 in October to 4,279.

Median house price values are down 4.11% from November 2007.

Real Estate Institute president Mike Elford says the slow sales are due to a combination of factors, including the global economy and the general election.

Mr Elford says it is unfortunate that many first-home buyers are now facing stricter lending criteria, with house affordability the best it has been for a long time.