Latest data released from Real Estate Institute of New Zealand indicates that in the month of May the national median property price reached a new high of $540,000, which was up 6.7% from $506,000 a year ago.

Auckland’s median house prices were up 5% year-on-year to $865,500 and increased 1.6% from April, showing “continued growth in the Auckland housing market,” REINZ chief executive officer Bindi Norwell advised.

Other regions across the country that hit record highs, Northland ($450,000), Manatawu/Wanganui ($269,000), Nelson/Marlborough ($438,250) and Southland ($230,000).

• “May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region,” said REINZ chief executive officer, Bindi Norwell.

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