Many regions in New Zealand have seen median house prices rise by 20 percent or more in the past 12 months, according to a new report.
Nationally median house prices are up 6.7 percent over the past year to $540,100, and Auckland is up 5 percent to $865,500.
Regions including Northland, Waikato, Manawatu/ Whanganui, and Nelson/ Malborough have seen the median house price rise by 20 percent or more, according to the latest report from REINZ.
REINZ regional director, Mark Coffey, said banks appear to be having the largest impact on buyer behaviour.
"The strong rise in the median price and continuing tight supply of stock for sale is encouraging buyers to consider building new dwellings as a more cost effective solution to getting the property they want, rather than just waiting in a rising market", he said.
Four regions hit new record high median sale prices in May:
Northland - $450,000
Manawatu/Whanganui - $269,000
Nelson/Marlborough - $483,250
Southland - $238,000
REINZ chief executive Bindi Norwell said "May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region".
But sales volumes are down 18.4 percent around the country.
Regions at a glance:
Auckland:
- Auckland's median prices rose 4.4 percent compared to May last year.
- Year-on-year sales fell 28 percent
- The number of days to sell rose from 35 in April to 40 in May, the first time in nine years the days to sell have been at or above 40 during May.
Wellington:
- Wellington house prices have jumped 12 percent in the past 12 months
- Prices rose 19 percent in Masterton, 18 percent in Lower Hutt and 12 percent on the Kapiti Coast.
- The median house price in the capital now stands at $521,000, but that's down from $540,000 in April.
Northland:
- The median price rose 29 percent over the year, while Kaipara jumped 121 percent.
- Sales volumes fell 32 percent across the region.
- The number of days to sell eased four days compared to April, to 41 days in May.
Waikato:
- The median house price rose 20 percent since May 2016 to $486,000.
- Prices rose 32 percent in Taupo, 26 percent in Matamata-Piako.
- Sales fell 19 percent year-on-year.
- The number of days to sell eased four days compared to April, to 41 days in May.
Bay of Plenty:
- The median house price rose 9 percent annually, to $541,500. Opotoki rose 26 percent.
- Sales fell 24 percent year-on-year.
- The number of days improved in May to 38 compared to 41 in April.
Hawke's Bay:
- The median house price rose 16 percent, annually, to $375,000.
- Sales volumes fell 13 percent year-on-year.
- The number of days to sell improved by two between April and May to 30 days.
Taranaki:
- The median price rose 3 percent since May 2016 to $355,000. Prices rose 19 percent in South Taranaki.
- Sales volumes were down 16 percent over the year.
- The number of days to sell improved to 42 days in May.
Manawatu/Whanganui:
- The median price rose 20 percent to $269,000, year-on-year, with prices up 44 percent in Rangitikei and 30 percent in Ruapehu.
- Sales volumes dropped 3 percent over the year.
- At 35 days, it took longer to sell a property in May.
Nelson/Marlborough/Tasman:
- The median price rose 22 percent, compared to May 2016, to $483,250.
- Sales volumes rose 1 percent year-on-year.
- The number of days to sell eased by three to 31 in May.
West Coast:
- The median price dropped 5 percent over the year to $195,000. Prices were up 74 percent in Westland but down 44 percent in Grey district.
- Sales volumes rose 32 percent year-on-year.
- The number of days to sell fell 88 days, from 108 days in April to 196 days in May.
Canterbury:
- The median price fell 2 percent over the year to $431,500.
- Sales volumes fell 5 percent over the same period.
- In May it took 38 days to sell a house, compared with 34 days in April.
Otago:
- The median price rose 8 percent compared with May last year to $375,000.
- Sales fell 11 percent over the same period, but rose 50 percent in Clutha.
- In May it took 32 days to sell a house, compared with 26 days in April.
Southland:
- The median price jumped 14 percent compared to May 2016 to $238,000.
- Sales volumes fell 27 percent over the same period.
- In May it took 39 days to sell a house, compared with 30 in April.
Newshub.
