Seeing though flawed figures
Once again the sales statistics are out for Upper Hutt and, as we are past the middle of November, I’m going to discuss October sales. Much has been made in recent days about the median house price in New Zealand reaching an all time high of $608,000, in Upper Hutt we aren’t far behind at $575,000 for October and that has not been our highest median price in the last 12 months, in February we reached $600,000.
Regular readers will know that I personally don't pay too much attention to the median figure as it is the halfway point in number of sales on any given month and the figures can be flawed.
For instance, in February there were 101 sales, the 52nd sale was for $600,000. However in March there were 80 sales and the median price (40th sale) was $520,000. Does anyone really believe prices dropped $80,000? There is only one correct answer, NO!
So, back to October, the Real Estate Institute shows 62 sales taking the number of sales this year to 688. In 2017, at this time it was 689 and last year it was 681. In my opinion ridiculously comparable. I must stress though that these sales are the actual dwellings sold and won’t have new builds included. The reason is that the figures can be flawed as it can look like a 3 bed house sold for $300k but it’s a land build package and the eventual bought figure will be much higher when the home is built.
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