What's happening in the market right NOW
Read Here
News

Median house prices continue to increase in all areas

By Alison Borland

Article supplied by REINZ: The Real Estate Institute of New Zealand released February’s monthly report earlier this morning.

Whilst median house prices increased by 11.8% outside Auckland to a new record median price of $550,000, Auckland experience a more moderate increase of 4.3% to $880,000. This is up from $851,000 at the same time last year and the highest price for 35 months.

Bindi Norwell, CEO of REINZ reported “Sales activity has picked up significantly in Auckland with a 41.6% increase in sales, the highest February sales count in 5 years. Interestingly, Auckland’s price growth has been more central rather than at Auckland’s extremities, Rodney and Franklin, were the only 2 districts to see year-on-year drops of -0.6% and -2.3% respectively. The REINZ House Price Index recorded 3,035, the first time it crossed the 3,000 mark.”

Bindi continued “There has been a lot of positive activity and high energy with properties selling ahead of the set sale date and interest at auctions increasing. The increase in the number of new listings (+5.8% year-on-year) has also likely contributed to the increase in activity.

Towards the end of February there has been some apprehension around COVID-19 which has likely been the cause of a few instances of reduced numbers at open homes. Looking forward over the next few months, if we see a further reduction in the OCR by the Reserve Bank, this may encourage more investors into the market.”

Up to Date

Latest News

  • Median House Price in Auckland reaches a new high

    Article supplied by REINZ Auckland’s median house price increased by 18.5% from $945,000 in March 2020 to $1,120,000 in March 2021 – a new record for Auckland. Additionally, Auckland City, Manukau City, North Shore City, Papakura District and Rodney District all reached new record median highs. Wendy Alexander, Acting Chief Executive … Read more

    Read Full Post

  • NZ remains buoyant throughout the summer holidays

    Article supplied by REINZ Despite most New Zealanders taking a summer holiday in January, the housing market was busier and more buoyant than we would usually see at this time of the year, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the … Read more

    Read Full Post