The Bay of Plenty median house price has jumped to a record high of $769,000, up from $680,000 this time last year.

This is a 13.1 per cent increase, according to the latest data from the Real Estate Institute of New Zealand.

Median house prices across New Zealand increased by 19.3 per cent from $612,000 in January 2020 to $730,300 in January 2021.

REINZ says despite most New Zealanders taking a summer holiday in January, the housing market was 'busier and more buoyant” than they would usually see at this time of the year.

Median house prices for New Zealand, excluding Auckland, increased by 14.7 per cent from $525,000 in January last year to $602,000.

Auckland's median house price increased by 14.9 per cent from $870,000 at the same time last year to $1 million.

Among record-breaking regions were Hawke's Bay (up 25.9 per cent to $692,500), Taranaki (up 23.8 per cent to $520,000), and Nelson (up 19.2 to $712,500), Stuff reports.

Concerns about even higher prices and the fear of missing out were making people continue looking for houses during a traditionally slow time of year.

Chief Executive at REINZ Bindi Norwell says the first month of 2021 was anything but normal.

'The fear of future price rises and the fear of missing out lingers deep in buyers' minds and is impacting people's buying behaviour as January saw a continuation of properties selling at a rapid pace.

'Last month, residential properties sold at their fastest pace for a January month in 17 years, carrying on the pattern we've seen over the past few months and therefore continuing to impact pricing.”

According to REINZ, the top sale for the Bay of Plenty region was a $2.4m property in Bethlehem.