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New Zealand house prices have soared 16 per cent in past year, a 15-year record

New Zealand's house prices have gone up by 16.1 per cent in the last year, according to the CoreLogic house price index.

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The average price for a house in Auckland is now over $1.2 million, according to research released today. Source: 1 NEWS

It marks the largest increase since 2006.

Auckland's average home now costs more than $1.2 million, the first time it has ever cracked that number.

Across the rest of the country, 14 of the 19 regions are seeing record-high asking prices.

The national average house price is now $845,000.

First home buyers now make up just 23 per cent of this year's market, a number which the Government will be hoping to increase with its latest announcement.