Record median house prices are being seen across multiple regions of New Zealand as the Auckland market shows it strength and pushes the Halo Effect of rising median prices across the country, according to the latest figures released today by REINZ, source of the most recent, complete and accurate real estate data in New Zealand.
Demonstrating that recent fears of the Auckland market cooling off were overstated, median prices across the city have rebounded and shot through $800k for the first time, to a new record high of $820,000.
Record median house prices have also been seen in Waikato/Bay of Plenty, Wellington, Nelson/Marlborough, Canterbury/Westland, and extraordinary growth in Central Otago Lakes.
For the Nelson/Marlborough region the median price rose 15% compared to March 2015 to reach another record high, with prices rising 18% in Marlborough/Kaikoura, 15% in Motueka and 6% in Nelson.
REINZ Chief Executive, Colleen Milne noted that “The market has seen another record median price with strong demand from investors and an uplift in enquiry from first home buyers. The median price across the region is now over $400,000 with strong price growth coming from Motueka and Marlborough/Kaikoura.”
For our local Motueka and surrounds market as per the overview comments above we are indeed experiencing a sellers’ market. The median days on market are still in the 50s but this should come down quickly as property’s that have been on the market awhile find new owners. The number of sales exceeded the number of listing by 50% last month which has reduced the number of properties on the market. This imbalance in supply and demand has put upwards pressure on property prices with the median sales price been 14% above the current capital value.
With the current low interest rates increasing home affordability and encouraging investors to move from cash investment to property the current fast real estate market may be with us for a while to come.
Statistics quoted in this article are sourced in-house and from REINZ and Realestate.co.nz, while we endeavor to keep the figures as accurate as possible they cannot be guaranteed.