‘Clean sweep’ for regional house price rises

December saw the national median increase by 1.5% from $551,750 in December 2017 to $560,000 in December 2018. Prices for New Zealand excluding Auckland increased by 6.4% to $480,000 up from $451,000 in December 2017. In Auckland, prices rose by 0.2% to $862,000 up from $860,000 in December 2017. Only one region experienced a record median price – the Bay of Plenty with a 2.0% increase taking the median to $610,000 up from $598,000 in December 2017. “Whilst the Bay of Plenty was the only region with a record median price achieved in December, in actual fact it was a strong month from a price perspective as every region in New Zealand saw an annual increase in the median price.

The last time all regions saw annual price increases was back in June 2017,” says Norwell. “Additionally, Auckland finished the year in a strong position with the highest price for the region in 9 months at $862,000.

Breaking the region down, Auckland City saw an annual increase of 7.8% resulting in the highest median price for the City in six months at $986,000 and Waitakere City had a 6.2% increase to record median price of $828,000. However, on the flip side, North Shore City median prices fell -11.6% to $980,000 and Franklin District saw a fall of -4.2% to $680,000.

Source - Press release REINZ 18/1/19