The property boom in New Zealand is showing no signs of waning, with house prices rising by 10% in March & 5% of $1m homes, acc. to REINZ.
• A new data shows a spike of national median price from $495k to $546k in March, while the $1m homes rose by 5%, making up 16% of all sales.
• It also shows that there are more sales in higher price brackets than lower ones, which is lifting the median price.
• Record migration & low interest rates have bolstered NZ’s housing market, prompting the Reserve Bank to tighten up mortgage lending rules.
• In Auckland, the median price rose 8.5% to a new record $890k from the year-earlier level, & was 11% higher than in February, while sales volumes rose by 66%.
• Other areas reaching new record high prices include Northland (up 27%), Waikato/Bay of Plenty (up 17%), Hawke’s Bay ( up 24%), Manawatu/Wanganui (up 16%), Taranaki (18%), Canterbury/Westland (3.5%), & Otago (14%).
» Stay tuned to the latest property news summaries, sent to your inbox weekly – sign up now!