Waikato/Bay of Plenty, Hawke's Bay, Wellington, Nelson each recorded new record median house prices in February, says the Real Estate Institute of New Zealand (REINZ).

Waikato/Bay of Plenty recorded the largest percentage increase in median price compared to February 2015, at 16.7 per cent, followed by Hawke's Bay at 14 per cent and Central Otago Lakes at 13.7 per cent.

Prices rose 33 per cent in Tauranga, 32 per cent in Mt Maunganui/Papamoa in February. File photo.

'The REINZ data for February sales underlines the surge of activity in regional markets over the past six months with a number of regions recording strong increases in sales volumes compared to this time last year,” says REINZ Chief Executive Colleen Milne.

'The percentage rise of median prices rising ahead of the Auckland region; significant drops in the levels of inventory in the regions and, in a number of cases, noticeable drops in the number of days to sell.

'The Canterbury/Westland and Auckland region, which were previously the drivers of the national real estate market, are now playing ‘second fiddle' to markets such as Waikato/Bay of Plenty, Hawke's Bay and Central Otago Lakes,” says Colleen.

'Other regions such as Wellington, Southland and Manawatu/Wanganui are also showing renewed vigour.”

For Waikato/Bay of Plenty sales volumes compared to January rose 49 per cent, with sales in Gisborne rising 132 per cent, Taupo rising 106 per cent and Waikato Country rising 66 per cent.

Compared to February 2015 sales across the region rose 17 per cent with sales rising 117 per cent in Eastern BOP Country, 91 per cent in Gisborne and 60 per cent in Taupo.

On a seasonally adjusted basis sales fell 2.2 per cent compared to January.

The median price across the region rose $57,500 (+17 per cent) compared to February 2015. Prices rose 33 per cent in Tauranga, 32 per cent in Mt Maunganui/Papamoa and 25 per cent in Hamilton and Waikato Country.

Compared to January the median price rose $22,500 (+5.9 per cent) to reach a new record high, with prices rising 13 per cent in Hamilton, 12 per cent in Tauranga and 9 per cent in Rotorua.

On a seasonally adjusted basis the median price was steady compared to January.

The number of days to sell improved four days in February, from 40 days in January to 36 days in February. The number of days to sell improved by 23 days compared to February 2015.

Over the past 10 years the average number of days to sell during February for the region has been 61 days.

The national median price was $450,000 for February, an increase of $20,000 or 4.7 per cent on February 2015, and up 0.4 per cent compared to the previous month, January.

Excluding the impact of the Auckland region, the national median price rose $33,000 to $383,000 compared to February 2015.