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.
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.