Residential property sold in New Zealand totaled 6,694 in March, up from 5,228 in February, the latest report from the Real Estate Institute of New Zealand or REINZ showed Thursday. A year earlier, in March, 5,129 properties were sold.

The median prices for homes across the country stood at NZ$335,000 in March, slightly higher than NZ$330,000 in February, but lower than NZ$349,000 in the previous year.

Mike Elford, president of the REINZ said, The indications are that there is renewed interest in the real estate market stimulated by the drop in interest rates and the affordability of properties. We're seeing investors back too, moving away from equities and returning to controlled investments such as real estate.

In March 2009, 163 properties were sold, valued at over NZ$1 million, which is nearly half the number of properties sold in 2007. The report said that although sales remained low at the high end of the market, expressed as a proportion of the total, there were still goods movements, and this is expected to continue when the property market settles.

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