Auckland median house price reaches new record 12 Oct 2015
Related articles
- NZ More Interested in All Whites than All Blacks Sport
- NZ consumers grow more upbeat, may resume spending Business
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- Sludge Report #192: The Naked Budget Columns
- Budget 2010 – Building the Recovery News
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- Unemployment rate falls from 7.1 to 6 percent Recruitment
- OceanaGold finds new gold deposits at Fraser mine Business
Auckland median house price reaches new record after 25.4% annual jump
By Suze Metherell
Oct. 12 (BusinessDesk) - New Zealand's median house price rose to a record in September, led by a 25.4 percent annual jump in Auckland's median price to an all-time high as demand for property in the city spread into nearby regions.
Some 8,174 dwellings were sold in New Zealand last month, up 5.3 percent from August, and up 38.5 percent September 2014, the Real Estate Institute said in its monthly release of home sales data. The national median price increased 4.2 percent in the month, for an annual gain of 15.4 percent, taking the measure to a fresh record of $484,650.
The Auckland median house price rose 4.2 percent in the month to $771,000. The national average price, stripping out gains in Auckland, was at a fresh record of $365,000, increasing 4.7 percent in the month, and 8.3 percent from a year earlier.
The Auckland property market has been a persistent concern for policymakers as record inbound migration swells the population in the country's biggest city and the pace of new home construction has failed to keep up with demand in spite of policy interventions attempting to improve supply. That's pushed up prices to high levels relative to household incomes, something the Reserve Bank sees as a risk to the wider financial system in the event of a sharp downturn.
Demand is now overflowing to nearby regions, with Waikato/Bay of Plenty recording a record median house price of $390,000, up 10.5 percent in the month, for an annual gain of 16.9 percent. The number of sales was up 8.9 percent in the month for 1,619 homes sold, compared with August, and was 84.8 percent higher than in September 2014.
“There is continued evidence of Auckland investors and first home buyers spreading to other regions causing a ‘halo’ effect, most notably in Northland and Waikato/Bay of Plenty," REINZ chief executive Colleen Milne said. "These regions have recorded very strong sales growth so far during 2015, and this is now starting to be seen in the median price data. There was also a very strong increase in auction sales for Waikato/Bay of Plenty."
In Wellington the median house price increased 2.7 percent in September from August, for an annual increase of 3.3 percent to $413,375. Sales volume increased 7.1 percent between August and September, with 720 houses sold, a 22.7 percent increase on the same month a year earlier.
Canterbury/Westland reported median prices increased 1.9 percent in the month, for an annual gain of 1.7 percent to $420,000 while volume slipped 0.1 percent between August and September, at 862 houses sold, 9 percent higher than in September last year.
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more