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National median reaches record high

REINZ's October figures show price rises in every region apart from Auckland and Nelson.

Wednesday, November 15th 2017, 12:00AM

by The Landlord

Uncertainty around the new government has done little to dampen property prices throughout New Zealand, as 14 of the country's 16 regions see house prices rise in the month of October. Otago has rocketed up 14% to a median of $412,000, with Manawatu/Wanganui seeing growth of 11.5% ($290,000) and Waikato reaching a median of $500,000, a rise of 9.9%. 

Auckland bucked the trend, with a fall of 3.2% to a median of $850,000, which represents the biggest fall in value since December 2010. Nelson's reduction was more dramatic; at 6.8% to $447,500 this is the biggest fall since April 2012.

Bindi Norwell is the CEO of REINZ. She says that the Auckland region's decrease can be attributed to an influx of apartments being built in the area. 

"This has therefore brought the median price down for the entire region," she says.

She goes on to say that Auckland City’s median fell by 17% to $850,000 the lowest price it’s been for 16 months.

"Interestingly, Franklin District prices increased 16% year-on-year to $737,000 and North Shore City remains New Zealand’s only million-dollar plus city,” she continues.

There has been a downward trend when it comes to volume, with properties available in New Zealand down 16% for the year to 5689. Auckland property sales in Auckland were down 21% to 1632. 

“For the last three months, not a single region in New Zealand experienced an increase in sales volumes year-on-year, however, this month we’ve seen two regions Gisborne and Southland with an increase (up 8% and 1% respectively) suggesting that we’re starting to see the traditional spring increase finally kick in," says Norwell.

"This picture is even more apparent on a month-on-month basis, as 8 out of 16 (or half) of the regions across New Zealand experienced an increase in volumes. On a month-on-month basis, volumes were up 45% in Marlborough, up 18% in Wellington and up 7% in Nelson."

The median days to sell increased by two days from 32 to 34, with Northland being the slowest area in which to sell a home, up 10 days to 49. 

 

« October results a mixed bagAffordable housing in Auckland now doable »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 ▼2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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