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No change in median Auckland house price

house-prices-new-zealandThe median price of an Auckland house didn't change between March and April, at $NZ720,000 ($A669,674.00), according to the latest Real Estate Institute of New Zealand figures.

But there has been a $NZ108,500, or 17.7 per cent increase in the Auckland median house price since April last year.

The trend across Auckland was not even. On the North Shore, the median price was 6.9 per cent higher in April than in March, at $NZ925,000, while in Auckland city it fell 7.2 per cent to $NZ789,000.

"The strong price movements in Auckland, particularly on the North Shore and in Rodney, continue to be driven by high demand from all types of property buyers and from a lack of sufficient new supply - both new builds and listings of existing properties," REINZ chief executive Colleen Milne said in a statement on Tuesday.

Sales volumes in April reflected seasonal patterns, down 25 per cent in Auckland from March, although they were 25 per cent above sales a year ago.

"Auckland continues to dominate the real estate market in terms of price movements, but we are starting to see some of the smaller regions show improvements in the number of sales being made and price increases," said Ms Milne.

"Regions such as Northland, Hawke's Bay and Central Otago Lakes, which represent 7.5 per cent of national sales, are seeing solid gains in both price and sales volumes."

Manawatu/Whanganui, Taranaki, Wellington and Nelson/Marlborough all showed falls in median prices over the year to April, of 3.2 per cent ($NZ222,000), four per cent ($NZ297,500), 0.9 per cent ($NZ411,250) and 1.1 per cent ($NZ356,000) respectively.

The Central Otago Lakes region led the country, with the median house price up 18.2 per cent over the year to April to $NZ532,000, although the median price slipped back 4.3 per cent between March and April.

Elsewhere, in Canterbury/Westland, the median price was $NZ425,000 up 7.6 per cent, with the Christchurch median rising 6.8 per cent to $NZ440,750.

The Dunedin median was up 11.5 per cent over the year at $NZ288,500, while the Otago region median rose 7.7 per cent to $NZ260,000.

Real Estate Investar Editor
Real Estate Investar Editor
Real Estate Investar provides intelligent software, tools and data to help you save time and make money in the residential property investment market.

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