Max Key reveals new property development company after sale of first homes

Max Key is celebrating the sale of the first homes built by his new property development company. 

The 26-year-old revealed on social media he's recently finished his first project - a three house development in Auckland. 

"Wow ... It's been a crazy 18 months! After a well-needed break from social media, I thought I'd jump back online to share what I've been up to. Some of you may already know, but I've been working hard in the background on my latest development with my new venture  MTK Capital," Key posted on Instagram. 

"They say the first project is always a challenge and boy were they right! But after hours of blood, sweat and anxiety-ridden tears, I can proudly say we've sold our first development and are progressing into bigger and better things. 

"On reflection, this project not only taught me about the intricacies of the industry but the qualities within myself. Thank you to all the contractors, family and friends who supported us throughout, I can't wait to see what the future brings for MTK Capital! Onwards and upwards!"

Key's father, former Prime Minister Sir John Key, is listed as an Inactive Director of MTK Capital on the OpenCorporates website. 

It comes as new data showed house prices rose again in November as demand continued to outstrip supply. 

The national median house price rose a seasonally adjusted 23.8 percent in the past 12 months to $925,000. The national median price excluding Auckland was $775,000, a 26 percent increase on a year ago, according to The Real Estate Institute's data.