Property prices increase for most of New Zealand except Nelson and Auckland, latest data from REINZ shows
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Prices rose in 14 of 16 regions for the year to October, leading to the median house price for New Zealand, excluding Auckland, to reach a record price of $440.000, which is an 8.5% increase, according to the latest data from the Real Estate Institute of New Zealand (REINZ).
REINZ said regions that contributed to the increase include:
REINZ CEO Bindi Norwell said: “As we’ve seen for some months now, prices across the country have continued to increase, albeit at a slower rate than the increases we’ve seen in some regions for the last couple of years.
“Waikato is now the sixth region in the country to have exceeded the half a million dollar mark at least once – something, that a few months ago, we predicted would happen shortly,” she said.
Norwell said the fall in Auckland median prices was a result of a large number of apartments being sold in the old Auckland city boundary.
Median house price in Auckland City fell by 17% to $850,000, the lowest price it has been for 16 months. Interestingly, Franklin District prices increased 16% year-on-year to $737,000 and North Shore City remains New Zealand's only million-dollar plus city, she said.
“Looking at the REINZ House Price Index (HPI) for the legacy Auckland City, it only decreased 0.8% year-on-year, whereas the median for the same period fell by 17%, highlighting that the drop in median price is not as dramatic as a first glance would suggest.
“This is because the HPI considers the mix and value of the property sold, not just the sales price,” Norwell added.
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REINZ said regions that contributed to the increase include:
- Waikato – up 9.9% to $500,000
- Manawatu/Wanganui – up 11.5% to $290,000
- Canterbury – up 4.7% to $450,000
- Otago – up 14.4% to $412,000.
REINZ CEO Bindi Norwell said: “As we’ve seen for some months now, prices across the country have continued to increase, albeit at a slower rate than the increases we’ve seen in some regions for the last couple of years.
“Waikato is now the sixth region in the country to have exceeded the half a million dollar mark at least once – something, that a few months ago, we predicted would happen shortly,” she said.
Norwell said the fall in Auckland median prices was a result of a large number of apartments being sold in the old Auckland city boundary.
Median house price in Auckland City fell by 17% to $850,000, the lowest price it has been for 16 months. Interestingly, Franklin District prices increased 16% year-on-year to $737,000 and North Shore City remains New Zealand's only million-dollar plus city, she said.
“Looking at the REINZ House Price Index (HPI) for the legacy Auckland City, it only decreased 0.8% year-on-year, whereas the median for the same period fell by 17%, highlighting that the drop in median price is not as dramatic as a first glance would suggest.
“This is because the HPI considers the mix and value of the property sold, not just the sales price,” Norwell added.
Related stories:
Property expectations hit six-year low
Property market bounces back
