The median house price for New Zealand rose 6.9% in February to $530,000 up from $496,000 in February 2017, REINZ has reported.

REINZ chief executive Bindi Norwell said:“Median house prices increased in 14 out of 16 regions across New Zealand during February 2018 compared to February 2017, including a record high in the Hawke’s Bay.

The median house price for New Zealand excluding Auckland rose even higher, seeing an 8.4% increase to $450,000 from the same time last year.

Prices in Auckland increased  3.7% to $858,000 from the same time last year (up from $827,000) and were up 4.6% month-on-month.

The Hawke’s Bay saw an increase of 18.4% to a record high of $444,000 up from $375,000 in February 2017 or up 3.3% from January 2018.

The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 3.9% year-on-year to 2,692 – a new record high.

The HPI for New Zealand excluding Auckland increased 6.9% from February 2017 to a new high of 2,524 and Auckland’s HPI increased 1.1% for the same period.

The REINZ HPI showed that 11 out of 12 regions experienced an increase in their HPI and 9 regions saw a new high in February, highlighting the strength of the property market.

Regions with the highest growth year-on-year were Gisborne/Hawke’s Bay +16.0%, Southland +12.3%, Northland +10.4% and Manawatu/Wanganui +10.2%.

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