Data reveals the country’s housing market started spring in a confident mood
The average price of all houses sold in New Zealand has increased by 6.6% in September to a record high of $597,000, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).
REINZW revealed that median prices for New Zealand excluding Auckland increased by 6.8% to new record high of $500,000 – up from $468,000 in September last year. Meanwhile, median house prices in Auckland increased by 0.2% to $848,000 – up from $846,000 at the same time last year.
Additionally, REINZ reported record median prices increases in Manawatu/Wanganui (up 24.1% to $397,000), Southland (up 22.1% to $315,000), Taranaki (up 15.9% to $400,000), and Hawke’s Bay (up 13.4% to $500,000).
On the other end of the scale, regions that have experienced decreases in median price annually are the West Coast (down 7.5% to $185,000), Northland (down 5.5% to $477,000), and Nelson (down 5.4% to $560,000).
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“September was a strong month price-wise, with record median prices recorded in four regions – Manawatu/Wanganui, Southland, Taranaki and Hawke’s Bay,” said Bindi Norwell, chief executive at REINZ. “Additionally, the Waikato saw a record equal median price achieved during September of $550,000 and New Zealand as a whole saw a record median price of $597,000. Overall, median prices rose in 13 out of 16 regions.
Norwell said that median prices are lifting as a result of several influences, such as the official cash rate (OCR) drop back in August, which is slowly injecting more confidence into the market, and the continued lack of supply across many parts of the country.
“Auckland saw the first annual increase in median prices for the region in 11 months,” she said. “This rise was the result of an uplift in the percentage of properties sold between the $750,000 to $999,999 mark and the 6.3% rise in median prices in Waitakere City – the only territorial authority in Auckland to see a median price increase during September. Whilst the Auckland region saw an increase, it’s too early to call this a trend – especially as the median price has returned to around the $850,000 mark where we’ve seen median prices sit for a few years now.”
