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Record Median House Prices across Half of NZ

By Alison Borland

The REINZ Monthly report for August 2020 was released this morning:

Median house prices across New Zealand increased by 16.4% in August to $675,000, up from $580,000 in August 2019 and up from $659,000 in July (a 2.4% lift) and every region in the country saw an annual increase in median house prices, 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.

Auckland’s median house price increased by 16.0% to $950,000 a new record high up from $819,000 at the same time last year, and up from $918,097 in July this year (a 3.5% increase).  Sales volumes across Auckland were significantly up on last year (+44.2%) the highest sales count in August since August 2015.  Manukau noted a sales volume rise of 37.2% and a median house price rise of 19.5% compared to August 2019.

Bindi Norwell, Chief Executive at REINZ reported “For the last few weeks we’ve been hearing reports from around the country of vendors achieving good prices for the sale of their homes; but we would never have guessed that 8 regions and 17 Districts/Cities across the country would see record median prices just 4 months after the entire country was in lockdown. The housing market’s recovery post-lockdown over the last few months has been astonishing and has certainly surpassed many predictions.”

“The combination of low-interest rates, the removal of LVRs, the lack of listings, people’s aspiration to have more space/a bigger backyard, catch up post lockdown and first-time buyers’ desire to get onto the market have all contributed to the uplift in prices we’ve seen over the last few months. Unless we see more listings come to the market before Christmas, we may start to see additional pressure on house prices and affordability,” points out Norwell.

To view the Press Release CLICK HERE

To view the Full Report CLICK HERE

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