The national median house price for New Zealand has topped a new high of $515, 000, according to the latest September figures from the Real Estate Institute of New Zealand, with $400, 000 as the median outside Auckland for the first time.
Six regions across the country also hit record highs, with median sale prices rising in Northland ($390,000), Waikato/Bay of Plenty ($458,500), Taranaki ($350,000), Wellington ($480,000), Nelson/Marlborough ($450,000) and Otago ($296,000).
Meanwhile in Auckland, the median price has risen 7% year-on-year to $825,000, but fell 2% over August 2016 on a seasonably adjusted basis.
The number of sales nationwide (7,397) also fell 2% for September 2016 from August with sales for Auckland falling 23% compared to September last year
REINZ spokesperson Bryan Thomson says, “The real estate market in New Zealand appears to be in something of a two-speed mode at present, with Auckland pausing for breath during a wet school holiday period and ahead of likely new Spring growth.
“We are also seeing anecdotal evidence that first home buyers in Auckland are now favouring new builds as a way of getting finance in the light of the new LVR restrictions and the ‘carve out’ for new home construction.
“Meanwhile, across the rest of the country prices continue to rise, still demonstrating strong price and volume growth.”
Auction sales were down, with 1,769 dwellings sold by auction nationally in September, representing 24% of all sales and a decrease of 541 (-23%) on the number of auctions in September 2015.