House prices show no sign of slowing at the start of the year.
Real Estate Institute New Zealand (REINZ) figures for January showed the median price rose a seasonally adjusted 2 per cent on the month before.
REINZ’s house price index hit a record high, with the annual gain more than 19 per cent, the biggest annual rise since mid-2004.
The national median price was $730,300.
REINZ chief executive Bindi Norwell said prices typically eased in January as the residential property market slowed over the holiday season.
“The first month of 2021 was anything but normal as house prices across the country have continued to rise, with January seeing four regions reach new record median house prices and one region equal its December record.”
The four regions to hit records were Bay of Plenty, Hawke’s Bay, Taranaki, and Nelson, while Manawat/Wanganui matched its December record.
Meanwhile, Auckland prices rose nearly 15 per cent for the year, but cooled off December’s median high, which was not unexpected for the time of year.
“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,” said Norwell.
rnz.co.nz
