National house price breaches $500K

House prices in the Bay of Plenty continue to rise, according to the latest report released by Real Estate Institute of New Zealand.

The latest real estate figures show New Zealand's national median house price has reached a new record high, passing the $500,000 mark for the first time, to hit $506,000.

Data gathered by the Institute for May 2016, shows five regions have also hit record high median sale prices, as the Auckland market holds firm.

The Waikato/Bay of Plenty region recorded a record median sale price for the fourth consecutive month, hitting $419,000.

Record median prices were also reached in Taranaki ($343,250), Wellington ($465,000), Canterbury/Westland ($435,500) and Central Otago Lakes ($707,250).

Real Estate Institute of New Zealand spokesperson Bryan Thomson says May marked the first time the national house price breached the $500,000 mark.

'As 2016 progresses we are seeing regional markets such as Waikato/Bay of Plenty, Central Otago Lakes, Northland and Hawke's Bay strengthening in both prices and sales volume, while the large main centre markets of Auckland and Canterbury are taking a back seat.”

The national median house price rose $46,000 (up 10 per cent) to $506,000 from May 2015 to May 2016 – a new record high.

Compared to April, the national median house price increased by $16,000 (up 3 per cent). Central Otago Lakes recorded the largest percentage increase in median price compared to May 2015, at 40 per cent, followed by Waikato/Bay of Plenty at 20 per cent and Taranaki at 17 per cent.

There were 1,956 dwellings sold by auction nationally in May, representing 22 per cent of all sales and an increase of 201 (11 per cent) on the number of auctions in May 2015.

Auckland transactions represented 65 per cent of national auction sales, a significant drop from the 77 per cent of national auction sales in May 2015.

The number of auctions in Waikato/Bay of Plenty has increased by 135 per cent compared to May 2015, while the number of auctions has increased by 66 per cent in Wellington, albeit off a small base, and by 74 per cent across the rest of New Zealand.

The level of properties available for sale across all regions in New Zealand has continued to fall between May 2015 and May 2016.

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1 comment

Don't be fooled.

Posted on 17-06-2016 09:20 | By monty1212

Not long before the bubble bursts and negative equity rears its ugly head again!


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