New Zealand's national median house price rose to a record high in May, passing $NZ500,000 ($A475,340) for the first time.

Five regions hit all-time highs as the median national sale price jumped 10 per cent to $NZ506,000 in May from a year earlier, while the number of properties sold increased 14 per cent to 9075, according to the Real Estate Institute. New Zealand’s housing market is on a tear, driven…