New record median house price

The Waikato/Bay of Plenty saw one of the biggest increases in house prices in the last year. File photo.

A new median house price record has been set for the combined Waikato/Bay of Plenty region, according to figures released by REINZ.

The median price is now $487,000, an increase of 17 per cent on last year – although properties in main centres such as Tauranga remain higher on average than this figure.

Sales volumes in the last month have increased by 44 per cent in Mount Maunganui/Papamoa, and 42 per cent in Rotorua.

The median price increase was much greater than the regional average for Rotorua, at 31 per cent, while Tauranga house prices have gone up 11 per cent since last month alone.

Nationally, the market reached its peak level of activity for the year so far as median house prices firmed and sales volumes rose strongly across New Zealand during March, which is traditionally the busiest month for real estate transactions across New Zealand.

The national median price rose $51,000 to $546,000 during March, an increase of 10 per cent on February and a new record median, while eight of 12 regions hit new record high median sale prices: Auckland, Northland, Waikato/Bay of Plenty, Hawke’s Bay, Manawatu, Taranaki, Canterbury/Westland and Otago. On a seasonally adjusted basis the national median rose 2 per cent.

The number of sales for March 2017 was 8504, an increase of 36 per cent on February, although down 11 per cent compared to March 2016.  On a seasonally adjusted basis sales for March rose 2 per cent compared to February, indicating an expected seasonal effect.


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