The latest data from Real Estate Institute of New Zealand (REINZ) reveals new house price records have been hit and there is still a rapid fall in properties available for sale.
- The national median house price has reached $505,000, up 8.6% year-on-year from $465,000.
- Four regions hit new record highs in median sale prices:
1. Auckland ($825,000) - up 12.2% year on year from $735,000
2. Northland ($376,000)
3. Waikato/Bay of Plenty ($450,000) - its sixth record median sale price in a row:
4. Manawatu/Wanganui ($265,000)
- Inventory continues falling nationwide
The number of properties available for sale has continued to fall across all regions between July 2015 and July 2016 with a 33% decline in properties available for sale year-on-year and six regions seeing falls of greater than 40%.
Wellington has the fewest properties for sale with just under six weeks of supply, closely followed by Hawke’s Bay with nine weeks supply and Auckland and Waikato/Bay of Plenty with 10 weeks.
“Prices continue to rise in many regions, showing that demand is still firm,” REINZ spokesperson Bryan Thomson says.
“Sales volumes remain below previous periods, as the continued shortage of supply impacts buyers, who are struggling to find properties to buy. We will watch market reaction with interest as the expected increase in listing numbers during the spring and summer selling period become available and the market assesses the impact of the recently announced LVR rule changes, the approval or otherwise of the Auckland Unitary Plan and possible interest rate cut."