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REINZ Monthly Property Report October 2019

By Julie Halligan

N E W  R E CO R D  M E D I A N  H O U S E  P R I C E  FOR  N Z  &  6  R E G I O N S .

H I G H E ST  M E D I A N  P R I C E  I N  AUCKLAND  IN  19  MONTHS

Median house prices across New Zealand increased by 8.2% in October to a new record high of $607,500, up from $561,500 in October 2018 – the first time the median house price for the country has crept over the $600,000 mark, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.

Median house prices for New Zealand excluding Auckland increased by 8.6% to a new record high of $520,000, up from $479,000 in October last year. Median house prices in Auckland increased by 0.8% to $868,000 – up from $861,000 at the same time last year – the highest price in 19 months. Record median prices were recorded in: • Northland with a 9.4% increase to $525,000 up from $480,000 at the same time last year • Waikato with a 9.6% increase to $570,000 up from $520,000 at the same time last year • Bay of Plenty with a 7.8% increase to $620,000 up from $575,000 at the same time last year • Hawke’s Bay with a 16.3% increase to $535,000 up from $460,000 at the same time last year
• Manawatu/Wanganui with a 20.9% increase to $407,500 up from $337,000 at the same time last year  • Otago with a 15.8% increase to $550,000 up from $475,000 at the same time last year. Additionally, a record equal median high was recorded in Canterbury of $465,000, the same price as in October 2018. The only region to experience an annual decrease in median price was Taranaki, with a marginal fall of -0.5% from $392,000 in October 2018 to $390,000 in October
this year.

Bindi Norwell, Chief Executive at REINZ says: “October was a strong month price wise, with record median prices recorded in six regions and a record equal in Canterbury. Additionally, the country saw a new national record median price of $607,500 – the first time the median house price for New Zealand has exceeded the $600,000 mark. This is the highest number of regional record prices we’ve seen for the country in 23 months. “The Gisborne region also had a very strong month with a 37.1% increase in median price year-on-year to $425,000 – the strongest price rise across the country,” continues Norwell.  “October saw the Auckland region experience the highest median house price in 19 months at $868,000. This was a 0.8% lift on the median price seen last October and a 2.4% lift on the median price from September this year. Looking across the Auckland region, Auckland City saw the highest median price in 28 months with a 4.6% annual increase to $1,001,000 – in part due to a 43.0% increase in median price in the Waitemata & Gulf area. This was the result of a 6.8% increase in $1 million – $1,999,999 properties sold compared to the same time last year.
“Additionally, Franklin District saw median house prices increase 8.8% to $695,000 the highest median price in 4 months’ she continues

AUCKLAND MARKET 

“The Auckland region saw the highest median price in 19 months with an increase of 0.8%, compared to the same time last year, reaching $868,000. Interestingly, with new listings down -19.8% in the region, sales were only slightly down by
-0.1%, 3 less sales than the same time last year. Sales in the outer Auckland districts were the major contributors to the sales count, particularly Papakura District (41.9%), Franklin District (25.6%) and Rodney District (13.8%). Anecdotally,
we are seeing positive activity from first home buyers, and good interest from investors. Some open homes have had 50+ groups through in their first weekend, especially with listings in the sub $1,500,000 price range. There are a good
number of new developments coming to the market in the Eastern and South Auckland suburbs. Finance approvals are still quite challenging even with low interest rates and good deposits. Deals that are conditional on finance are needing
to be renegotiated in several instances. Over the next few months we should see more positive activity with more properties coming to the market.”

read the full report here ;REINZ Monthly Property Market – October 2019

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