14 Nov 2019

NZ median house price tops $600,000 in new record

10:27 am on 14 November 2019

The housing market's revival continues with the national median house price ticking over $600,000 for the first time.

Homes at the Waimahia development in Weymouth in Auckland.

The median house price across the country has risen to $607,500. (file image) Photo: RNZ / Kim Baker Wilson

The Real Estate Institute's (REINZ) house price index, which measures the changing value of property in the market, rose 3.9 percent in the year to October to a record high compared with 3.6 percent annual growth the month before.

The median house price across the country rose a seasonally-adjusted 7.6 percent to $607,500, while prices in Auckland rose just 0.9 percent in the year to a median price of $868,000.

Prices grew in all the regions except Taranaki, with records reached in many areas including Northland, Bay of Plenty, Waikato, Hawke's Bay, Manawatū, Canterbury and Otago.

The number of houses sold fell 3.6 percent on the year earlier.

REINZ chief executive Bindi Norwell said that was a result of the foreign buyer ban that came into effect in October last year.

"It is not surprising that the number of properties sold fell when compared to last year," she said.

"As confidence continues to creep through, it is likely we will see an uplift again in November, before things quieten down over Christmas and then pick up in January again."

Get the RNZ app

for ad-free news and current affairs