1 May 2010

House prices creeping upwards

2:59 pm on 1 May 2010

The average house price in April was $422,520 according to the New Zealand Property report.

The report, compiled by realestate.co.nz, shows the average house price in April was largely unchanged from March.

Chief executive Alistair Helm says house prices have gradually crept up again over the last 18 months, after falling about 10% from a peak in 2007.

Prices now are only 2% below October 2007.

Mr Helm says sellers are quietly confident of receiving their asking price. He says the market continues to favour buyers based on the available stock of unsold homes and the number of new listings hitting the market.