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Median house price jumps 6.9 per cent across NZ to $530,000, Hawke's Bay up massive 18.4 per cent

The New Zealand median house price increased 6.9 per cent over from $496,000 in February 2017 to $530,000 in February 2018, reports the Real Estate Institute of New Zealand (REINZ). 

The Hawke's Bay jumped up 18.4 per cent to a record high of $444,000, up from $375,000. 

REINZ chief executive Bindi Norwell said median prices rose in 14 of New Zealand's 16 regions over the year time period.

"The only regions not to experience an increase were the West Coast and Gisborne which saw decreases of 10.7 per cent and 3.1 per cent respectively," Ms Norwell said. 

She said Hawke's Bay was "proving extremely popular". 

"The recent announcement by the Regional Economic Development Minister, Shane Jones, that nearly $9 million will be spent to reopen the Wairoa-Napier line for logging trains will bring significant development for the Hawke's Bay region."

Auckland prices went up by 3.7 per cent to $858,000, with Ms Norwell saying this moderate rise was "far more positive for the region as we know double-digit increases are not sustainable in the long term". 

Source: Breakfast