House prices increase to new record in November

  • 12/12/2016
Only Auckland and Central Otago Lakes failed to post new record median prices in the latest data (Getty / file)
Only Auckland and Central Otago Lakes failed to post new record median prices in the latest data (Getty / file)

New Zealand's median house price rose 13 percent to a record in November, with all regions posting an increase, according to the Real Estate Institute.

The national median house price increased to $520,000 in November from $459,500 a year earlier, it said.

The price advanced 2 percent from the October median level of $510,000. There were 7576 national sales in November, up 13 percent from October but 6 percent lower than the year earlier.

Record low interest rates and record high net migration have been underpinning the nation's property market, with Monday's report showing 10 of 12 regions hit new record high median sale prices last month.

Only Auckland and Central Otago Lakes failed to post new record median prices in the latest data, after rapid price increases in both areas.

"For the first time, our map has been dark blue across the entire country, depicting strong year-on-year price growth or record prices in every region, and double-digit growth across the entire North Island. The nationwide median price has also hit a new high," institute spokesman Bryan Thomson.

The number of properties available for sale nationwide shrank by 19 percent compared with November last year, with all regions seeing a decline in availability.

Wellington has the fewest properties for sale with an estimated nine weeks of supply.

The number of days to sell a property remained steady at 32 compared with November last year.

The number of homes sold for $1 million or more increased 33 percent in November from the year earlier month, accounting for almost 15 percent of all properties sold, compared with 10 percent of homes a year earlier.

In comparison, the number of homes sold for under $400,000 was 34 percent of all properties sold, down from 41 percent a year earlier.

Source: Real Estate Institute

NZN

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