The latest property report issued by the Real Estate Institute of New Zealand for September showed that nine regions hit a record in median prices, as did the market across New Zealand and Auckland. This time last year the average median house price in New Zealand, excluding Auckland, was $500,000 and in September this year it has increased by 17 per cent over the past 12 months to a new record high of $585,000. In Auckland, while the numbers are not as high, the last 12 months has seen a rise of 12.6 per cent from $848,000 in September 2019 to $955,000 this year. A total of nine of the regions saw record median prices and these included a staggering 45.8 per cent increase in Gisborne and a 21.3 per cent rise in Taranaki. The Otago area in Southland rose by 20.7 per cent. The Bay of Plenty together with Manawatu/Wanganui and Waikato registered increases at approximately 15 per cent, while Wellington was 13.1 per cent and Canterbury 11.1 per cent.
Prices across the country have seen significant increases, with every region showing an annual uplift. This continues to provide confidence to buyers. With interest rates being at such low levels, not only are first home buyers active in the market, we are increasingly seeing investors also looking for better return and contributing to the depth of the buyer pool.