New house price figures show 6% jump in final three months of 2020

The mercury continues to rise on New Zealand's already red-hot property market.

Figures released today by Core Logic show a rate of growth not seen for 17 years, with house prices jumping more than 6 per cent in the last three months of 2020 - the largest increase since 2004.

In the main centres, Tauranga saw the largest quarterly price spike in nearly two decades, with a rise of more than 10 per cent.

The average value has now hit $876,122, up from under $800,000 at the end of September.

Wellington was up 8.1 per cent, Auckland 6 per cent and Christchurch 3.4 per cent.

But it's the small town property market that's even hotter, with Masterton prices up 17.4 per cent.

Prices in Whanganui went up 11.2 per cent, Palmerston North 9.6 per cent and Rotorua 8.8 per cent. 

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Gisborne had the highest yearly growth, prices up nearly 30 per cent. 

Economists say record low mortgage rates, property investment and tight housing supply are all factors.