The national median house price has hit a new high along with four regions, the latest REINZ data reveals
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In May, the national median property price reached a new high of $540,000, according to the latest data from the Real Institute of New Zealand.
The median property price in May was up 6.7% from $506,000 a year ago, which is also a 6.2% seasonally adjusted increase.
“May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region,” said REINZ chief executive officer, Bindi Norwell.
In Auckland, median house prices were up 5% year-on-year to $865,500 and increased 1.6% from April, showing “continued growth in the Auckland housing market,” Norwell added.
Four regions across the country also hit record highs, with median prices rising in Northland ($450,000), Manatawu/Wanganui ($269,000), Nelson/Marlborough ($438,250) and Southland ($230,000).
Nationwide sales volumes fell on year-on-year basis (-18.4%), which on a seasonally adjusted basis is a -22.2% decrease, while the number of properties for sale significantly rose by 131 in May from a year ago.
“We believe that overall buyers are being more cautious – we’re heading into winter which traditionally sees a slowdown in activity, we’re in an election year, some political uncertainty globally in some of our traditional trading markets and first-time buyers are finding access to capital more difficult,” Norwell said.
The number of properties for sale in Auckland increased by 47%, while listings outside the region fell by 14% at 2,683. Number of properties for sale slowed down in Canterbury, Wellington and Waikato from a year ago.
In May, a significant fall in listings was seen in Northland, Manawatu/Wanganui and Otago.
The median property price in May was up 6.7% from $506,000 a year ago, which is also a 6.2% seasonally adjusted increase.
“May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region,” said REINZ chief executive officer, Bindi Norwell.
In Auckland, median house prices were up 5% year-on-year to $865,500 and increased 1.6% from April, showing “continued growth in the Auckland housing market,” Norwell added.
Four regions across the country also hit record highs, with median prices rising in Northland ($450,000), Manatawu/Wanganui ($269,000), Nelson/Marlborough ($438,250) and Southland ($230,000).
Nationwide sales volumes fell on year-on-year basis (-18.4%), which on a seasonally adjusted basis is a -22.2% decrease, while the number of properties for sale significantly rose by 131 in May from a year ago.
“We believe that overall buyers are being more cautious – we’re heading into winter which traditionally sees a slowdown in activity, we’re in an election year, some political uncertainty globally in some of our traditional trading markets and first-time buyers are finding access to capital more difficult,” Norwell said.
The number of properties for sale in Auckland increased by 47%, while listings outside the region fell by 14% at 2,683. Number of properties for sale slowed down in Canterbury, Wellington and Waikato from a year ago.
In May, a significant fall in listings was seen in Northland, Manawatu/Wanganui and Otago.
