The reports from the Real Estate Institute of New Zealand revealed that June experienced a drop in the sale of houses.

There was a sale of 4575 houses in June, a figure less than that in May (5206). Last year, 6040 houses were sold in June 2009. The past month, median price of property also hiked to $352,500 from $350,000 in May. Last year, in June 2009, it was much lower around $340,000.

The housing price index, which is based on an average of sale prices, of REINZ rose by 0.6%, even though, the housing prices till June for three months were up by 0.1%. If a comparison is made with the last year, it was 4.2% higher in the same month.

According to REINZ President, Peter McDonald, a general consensus should not be formed of the given statistics as individual property prices were still climbing up. There was an average gap of 4-5% in listing and selling prices of the houses, which shows that some individuals stroked a profitable event.

The house prices in Christchurch were valued at 7.8% more by the REINZ index. In Auckland also, the housing prices increased by 3.2%, while those in South Island suburbs mounted by 5.2% and North Island suburbs’ housing prices rose by 1.4%. On the other hand, the housing value in Wellington dropped by 2%.