What's happening in the market right NOW
Read Here

Auckland median house price hits $1M

By Alison Borland

Article supplied by REINZ

Median house prices across New Zealand increased by 19.8% from $605,000 in October 2019 to a new record median high of $725,000 in October 2020; and up from $689,000 in September this year (a 5.2% lift) according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.

Bindi Norwell, Chief Executive at REINZ commented “Median house prices in Auckland reached a new record in October of $1,000,000, up 16.3% from October 2019 as the percentage of $1 million plus properties sold exceeded the 50% mark for the first time. Sales volumes for the region were up 50.9% year-on-year with 3,140 properties sold in October, the highest level of sales in 67 months.  October 2020 will go down in ‘housing history’ as being the point in time when Auckland region’s median house price hit the million dollar mark for the first time – something no one anticipated or expected just six months after the entire country came out of lockdown.”

“Multi-offers and pre-auction offers continue to be popular as demand outstrips supply despite new listings increasing 36.8% year-on-year with 4,877 new listings coming to the market in October.  First time buyers remain active in the market, however, securing finance continues to be a challenge as banks are being more cautious and placing more emphasis on employment status and history. Additionally, banks are taking up to twenty days to approve lending and are getting stricter on properties that have LIM issues etc.” reported Bindi.

As always, if you would have any questions regarding the real estate market or are considering buying or selling, please contact a member of the team and we will be happy to help

Your Contact Details

Up to Date

Latest News

  • Median House Price in Auckland reaches a new high

    Article supplied by REINZ Auckland’s median house price increased by 18.5% from $945,000 in March 2020 to $1,120,000 in March 2021 – a new record for Auckland. Additionally, Auckland City, Manukau City, North Shore City, Papakura District and Rodney District all reached new record median highs. Wendy Alexander, Acting Chief Executive … Read more

    Read Full Post

  • NZ remains buoyant throughout the summer holidays

    Article supplied by REINZ Despite most New Zealanders taking a summer holiday in January, the housing market was busier and more buoyant than we would usually see at this time of the year, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the … Read more

    Read Full Post