Housing gains spark optimism

Signs of recovery in the housing market were welcomed by estate agents but greeted with scepticism by some economists.

Real Estate Institute data showed the national median price rose by $5000 in a month to $340,000. Houses took an average 42 days to sell, two fewer than in March.

However, BNZ chief economist Tony Alexander warned against interpreting the figures as any big recovery or turnaround.

"I would not blindly extrapolate these figures to believe there's an upturn given tighter lending from banks, rising unemployment and the recent increases in longer-term fixed interest rates," he said.

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Posted: 13 May 2009

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