New Zealand's median house price at record high after passing $600k for first time

Aotearoa's median house price has crossed the $600,000 mark for the first time, according to the latest figures from the Real Estate Institute of New Zealand.

Source: Breakfast

The data shows median house prices across the country increased by 8.2 per cent to a new record high of $607,500, up from $561,500 in October 2018.

Bindi Norwell, Chief Executive at REINZ says: "This is the highest number of regional record prices we’ve seen for the country in 23 months."

"October was a strong month price wise, with record median prices recorded in six regions and a record equal in Canterbury," said Ms Norwell.

Median house prices for the country excluding Auckland increased by 8.6 per cent to a new record high of $520,000, up from $479,000 in October last year.

For the same time period, Auckland increased by 0.8 per cent to $868,000 - up from $861,000 at the same time last year. It is the highest price for the area in 19 months.

Regional record prices included Northland looking at a 9.4 per cent increase to $525,000 up from $480,000, Waikato with 9.6 per cent increase to $570,000 up from $520,000 and Otago up 15.8 per cent to $550,000 up from $475,000.  

“The Gisborne region also had a very strong month with a 37.1 per cent increase in median price year-on-year to $425,000 – the strongest price rise across the country."

The only region to experience an annual decrease in median price was Taranaki falling from $392,000 in October 2018 to $390,000 in October of this year.