House prices hit new national record

by NZ Adviser14 Dec 2016
Median house prices and sales volumes have grown across New Zealand during November, according to the latest figures released today by REINZ.

The national house price has topped a new record median of $520,000 with 10 of 12 regions across the country also reaching new record high median sale prices over November. 

Auckland and Central Otago Lakes were the two regions which did not hit a new record median price. 

Auckland eased back from a record in October, and Central Otago Lakes median continued to ease following its rapid price increase earlier in the year. 
 
Number of sales for November (7,576) jumped 13% from October for November 2016 although year on year sales volumes fell 6%. 

Real Estate Institute of New Zealand (REINZ) spokesperson Bryan Thomson said, “Sales volumes and prices have recovered in November. For the first time, our map has been dark blue across the entire country, depicting strong year-on-year price growth or record prices in every region, and double-digit growth across the entire North Island. The nationwide median price has also hit a new high.

“Auckland prices eased back in November after hitting a record high in October. However, the underlying trend of Auckland prices remains steadily upward, rising by $269,944 at a compound annual growth rate of 13.2% since the introduction of the first set of LVR rules in October 2013. Over the past year, the median house price in Auckland has risen by $86,944. Outside Auckland, the median price has increased by $83,800 since October 2013, at a compound annual growth rate of 7.6%," Thomson said. 

“Sales volumes are also up 13% on October across New Zealand, with some parts of the country seeing solid volume growth month-on-month, including Manawatu/Wanganui (30%), Northland (22%), Waikato/ Bay of Plenty (19%), and Hawke’s Bay (24%). Despite the earthquakes, sales volumes and median prices also rose in Nelson/Marlborough and Canterbury/Westland. Wellington volumes declined by1% on October, although the median price in the region hit $500,000 for the first time.

“The decline in the number of properties for sale year-on-year continues, but the rate of decline is easing as Spring has progressed.” 

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