REINZ figures good news for NZ property market

New Zealand house prices rose significantly in the first 11 months of 2018, new figures from the Real Estate Institute of New Zealand (REINZ) show.

The latest REINZ figures show that national median property prices in NZ had increased by 10.6 per cent by the end of November from the start of the year. This has taken New Zealand’s median house value from NZ$520,000 to NZ$575,000.

The North Island regions of Gisborne (26 per cent), Wellington (22.4 per cent) and Northland (21 per cent) were the property market’s star performers during this period.

REINZ chief executive Bindi Norwell said that the monthly house price index saw 14 out of 16 regions experience an increase over the 12 months to November, which highlighted the continued strength of the property market.

“For two months in a row now we’ve seen record median prices set for New Zealand driven by extremely strong growth in some of the regions where demand for good properties continues to outstrip supply,” said Norwell.

Although prices fell overall in the Auckland region, some areas of the region saw strong price growth in this period. This includes Auckland City where median prices are currently NZ$999,000 – the highest in 17 months.

The number of houses sold across the country also increased by 2.6 per cent year on year to 7,286.

Article published 4th January 2018