Latest data from the Real Institute of New Zealand (REINZ) New Zealand shows that median residential property prices have increased by 1.2% year-on-year to $525,000.
Nationally, excluding Auckland, median prices increased 5.7% year-on-year and Auckland median prices remained flat at $845,000. However, on a month-on-month basis, Auckland’s median price increased by 1.2% or by $10,000.
Six regions across New Zealand experienced double-digit median price increases in September year-on-year:
• Tasman (up 19.3% to $572,500)
• Hawke’s Bay (up 18.3% to $392,000)
• Gisborne (up 14.9% to $270,000
• Northland (up 14.4% to $446,000)
• Wellington (up 10.6% to $531,000)
• Southland (up 10% to $220,000).
Bindi Norwell, CEO at REINZ says: “Prices across the country increased in all but three regions, evidence that the market continues to grow despite some challenging conditions – including the LVR restrictions and banks continuing to tighten lending conditions. Much of the increase has been driven by the buoyancy in the regions.”
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