Here are the points to note from the latest residential real estate data from REINZ.
- The national median house price has reached $505,000, up 8.6% year-on-year from $465,000.
- Four regions hit new record highs in median sale prices:
2. Northland ($376,000)
3. Waikato/Bay of Plenty ($450,000) - its sixth record median sale price in a row:
4. Manawatu/Wanganui ($265,000)
- Inventory continues falling nationwide
Wellington has the fewest properties for sale with just under six weeks of supply, closely followed by Hawke’s Bay with nine weeks supply and Auckland and Waikato/Bay of Plenty with 10 weeks.
“Prices continue to rise in many regions, showing that demand is still firm,” REINZ spokesperson Bryan Thomson says.
“Sales volumes remain below previous periods, as the continued shortage of supply impacts buyers, who are struggling to find properties to buy. We will watch market reaction with interest as the expected increase in listing numbers during the spring and summer selling period become available and the market assesses the impact of the recently announced LVR rule changes, the approval or otherwise of the Auckland Unitary Plan and possible interest rate cut."