House prices across NZ are largely on the rise again

 

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15 March 2018

Just as Auckland first-home buyers are getting over the shock of finding it might take 16 years to save for a home, house prices across New Zealand are largely on the rise again.

Real Estate Institute of New Zealand’s latest data shows median house prices in New Zealand increased 6.9 per cent last month to NZ$530,000, up from NZ$496,000 from the previous February.

In Auckland, prices rose 3.7 per cent, up to NZ$858,000 from NZ$827,000 the previous year, REINZ says in a press release.

The number of properties sold in Auckland during February increased by 2 per cent to 1,600.

Hawke’s Bay was a stand-out. The region saw prices rise 18.4 per cent, to a record high of NZ$444,000, up from NZ$375,000.

“The Hawke’s Bay has seen record price increases for two months in a row now, with prices having increased NZ$26,000 since the end of 2017. Clearly the region is proving extremely popular,” REINZ Chief Executive Bindi Norwell says.

Median house prices increased in 14 out of 16 regions across New Zealand during February, compared to February 2017, she says, except the West Coast and Gisborne, which saw decreases of 10.7 per cent and 3.1 per cent respectively.