Median house prices in Auckland have increased by 2.9% to $885,000 – up from $860,000 at the same time last year – the highest price in 32 months, according to the latest data from the Real Estate Institute of New Zealand (REINZ). “These results are in line with the REINZ House Price Index (HPI) which saw property values in Auckland increase 2.7% annually to a new record high of 2,923,” said REINZ.

Additionally, median house prices across New Zealand increased by 8.6% in November to a new record high of $630,000, up from $580,000 in November 2018, and 10 regions saw record median prices.

All the more, median house prices for New Zealand excluding Auckland increased by 10.3% to a new record high of $535,000, up from $485,000 in November last year.

Two regions experienced an annual decrease in median price – Northland, with a fall of -1.2% from $505,000 in November 2018 to $499,000 in November this year and Tasman, with a fall of -3.7% from $625,000 in November 2018 to $602,000 in November this year.

Bindi Norwell, Chief Executive at REINZ noted, “The Auckland market has seen prices increase for three months in a row, suggesting that we’re now entering a new normal for the country’s biggest real estate market where the increasing levels of confidence in the property market coupled with low interest rates and a lack of choice of new listings means that people are prepared to pay more for properties than they were a few months ago. The median price for Auckland represents a $22,000 increase since last month and is the highest price in 32 month.”

“November was a very strong month price wise, with record median prices seen in 10 regions and a record equal in Manawatu/Wanganui. This is the highest number of regional records we’ve seen in a single month since March 2005.” Norwell added.

All the above information is courtsey Real Estate Institute Of New Zealand (www.reinz.co.nz)

-TIN Bureau