The Real Estate Institute of New Zealand (REINZ) has released figures showing that the total volume of residential dwelling sales recovered last month from their lowest level in nearly two decades, but the national median price has remained steady at $350,000.00.

REINZ President Peter McDonald is reportedly please at the recovery, stating that agents have reported an air of caution amongst buyers, most of whom are genuine home seekers as opposed to investors, which is reflected in the increase to 46 in the median days taken to sell a listed dwelling.

He also noted that recent Government discussions of potential tax changes had halted the number of inquiries from investors who usually buy at the lower end of the price range, with most interest in the $400,000 to $600,000 bracket.

The fact that there had been no change in interest rates had also kept the genuine home buyers in the market.

The total value of residential sales, including sections, in New Zealand in February was $2.14 billion, a significant increase on the January total of $1.53 billion. The February total of 5,029 dwellings sold was also well up on the January figure of 3,666. The breakdown of the values of the properties was 134 for $1 million plus, 587 for $600,000 - $999,999, 1269 for $400,000 - $599,999 and 3039 under $400,000.

While the February national median residential house price remained level with the January figure, it is still 6 percent up on the median price for February 2009. There has also been an increase in 10 out of 12 districts in February when compared to the same month last year.

The largest gains were in Taranaki, up 9.61 percent to $285,900, followed by Auckland up 7.59 percent to $453,500. After topping the list of percentage increases in January, Otago was the only region to experience a drop in median prices, down 0.44 percent from $223,000 in February 2009 to $222,000 last month. The annual increase in median prices was zero in Northland and less than 2 percent in Waikato/BOP and Manawatu/Wanganui. 

Auckland residential sales, including sections, accounted for $874 million of total sales in February. Canterbury/Westland and Wellington were the next greatest value at $284m and $273m respectively.

The national median for days to sell in February was 46, up three on the January figure, but still 16 fewer days than the corresponding period a year ago. Sales were quickest in Wellington and Southland at 32 median days.