Auckland House Prices Jump 14%

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Friday, March 13th, 2015
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New Zealand’s median house price has risen 3.6 per cent over the past year, led by Auckland where the median house price has jumped 14 per cent to $NZ675,000 ($A643,623).

The national median price rose to $NZ430,000, according to Real Estate Institute figures for February released on Thursday.

Excluding Auckland, the national median price was flat at $NZ350,000 compared with the year earlier, the institute said.

The latest house price data “underlines again the view that there are two distinct real estate markets in New Zealand – Auckland and the rest of the country,” institute chief executive Colleen Milne said.

“The Auckland market continues to experience higher demand than the available supply, with any new supply being quickly taken up.

“While politicians and policy makers focus on solutions to the Auckland region’s housing supply problems, they will also be right to reflect on the need to ensure that any national application of new policies doesn’t have an adverse effect on the rest of the country.”

Some 6,989 homes were sold in February, 13 per cent ahead of the year-earlier month and up 43 per cent from January, according to the figures.

February sales volumes were at an eight-year high, partly reflecting a “catch up” after fewer than expected sales in January, Ms Milne said.

Auckland February sales volumes increased 10 per cent from the year-earlier month and were 34 per cent ahead of January.

Houses took a median 41 days to sell in February, the same as February 2014.

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