House prices hit new highs
The median price rose 24.3% from $665,000 in March last year, the latest REINZ data shows.
The soaring demand was despite reintroduced loan-to-value ratios kicking in with a 40% deposit now required by investors.
Most of the houses sold were before the Government took aim at investors extending the bright-line test to 10 years and scrapping mortgage interest tax deductibility.
REINZ acting chief executive Wendy Alexander says the big increase in the median price shows just how much pressure has been placed on the market. And believes it shows that the country desperately needs more supply to come to market.
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