Auckland sees highest median price in nineteen months
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Median house prices reached sky high across New Zealand – with Auckland seeing its highest median house price in nineteen months, according to the Real Estate Institute of New Zealand (REINZ)’s latest report.
The report revealed that median house prices in the country jumped from only $561,500 in October 2018 to a new record high of $607,500 in October 2019 – an increase by 8.2% and the first time that it has surpassed the $600,000 mark.
Excluding Auckland, the median house prices in the country increased by 8.6% to a new record high of $520,000 – up from only $479,000 in October 2018. Meanwhile, Auckland’s prices increased by 0.8% to $868,000 – up from $861,000at the same time last year and the highest in 19 months.
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Record median house prices were recorded in Northland with a 9.4% increase to $525,000 – up from $480,000 at the same time last year, Waikato with a 9.6% increase (from $520,000 to $570,000), Bay of Plenty with a 7.8% increase (from 575,000 to $620,000), Hawke’s Bay with a 16.3% increase (from $460,000 to $535,000), Manawatu/Wanganui with a 20.9% increase (from $337,000 to $407,500), and Otago with a 15.8% increase (from $475,000 to $550,000).
Bindi Norwell, chief executive of REINZ, commented: “October was a strong month price wise, with record median prices recorded in six regions and a record equal in Canterbury. Additionally, the country saw a new national record median price of $607,500 – the first time the median house price for New Zealand has exceeded the $600,000 mark. This is the highest number of regional record prices we’ve seen for the country in 23 months.”
“October saw the Auckland region experience the highest median house price in 19 months at $868,000. This was a 0.8% lift on the median price seen last October and a 2.4% lift on the median price from September this year,” she continued.
“Looking across the Auckland region, Auckland City saw the highest median price in 28 months with a 4.6% annual increase to $1,001,000 - in part due to a 43.0% increase in median price in the Waitemata & Gulf area. This increase was the result of a 6.8% increase in the number of $1 million to $1,999,999 properties sold compared to the same time last year.”
