New Zealand house prices hit new record in November
According to the Real Estate Institute of New Zealand report, the national median sale price increased by 13% on November 2015 and decreased by 2% on October.
10 of 12 regions in New Zealand hit new record high median sale prices in November 2016, with the national median price also reaching a new record median of NZ$520,000, and all but two regions showed double-digit percentage growth.In Auckland region, house prices rose 11.4 percent on year, while it decreased 2.0 percent from the preceding month.
“Sales volumes and prices have recovered in November. 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,” said REINZ spokesperson Bryan Thomson.
Median sale prices for November 2016 were recorded as follows:
Hawke’s Bay $345,000
Central Otago Lakes $635,500
NZ excl. Auckland $415,000
NZ excl. Auckland & Christchurch $400,000
New Zealand Total $520,000