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National median reaches record high

REINZ's October figures show price rises in every region apart from Auckland and Nelson.

Wednesday, November 15th 2017, 12:00AM

by The Landlord

Uncertainty around the new government has done little to dampen property prices throughout New Zealand, as 14 of the country's 16 regions see house prices rise in the month of October. Otago has rocketed up 14% to a median of $412,000, with Manawatu/Wanganui seeing growth of 11.5% ($290,000) and Waikato reaching a median of $500,000, a rise of 9.9%. 

Auckland bucked the trend, with a fall of 3.2% to a median of $850,000, which represents the biggest fall in value since December 2010. Nelson's reduction was more dramatic; at 6.8% to $447,500 this is the biggest fall since April 2012.

Bindi Norwell is the CEO of REINZ. She says that the Auckland region's decrease can be attributed to an influx of apartments being built in the area. 

"This has therefore brought the median price down for the entire region," she says.

She goes on to say that Auckland City’s median fell by 17% to $850,000 the lowest price it’s been for 16 months.

"Interestingly, Franklin District prices increased 16% year-on-year to $737,000 and North Shore City remains New Zealand’s only million-dollar plus city,” she continues.

There has been a downward trend when it comes to volume, with properties available in New Zealand down 16% for the year to 5689. Auckland property sales in Auckland were down 21% to 1632. 

“For the last three months, not a single region in New Zealand experienced an increase in sales volumes year-on-year, however, this month we’ve seen two regions Gisborne and Southland with an increase (up 8% and 1% respectively) suggesting that we’re starting to see the traditional spring increase finally kick in," says Norwell.

"This picture is even more apparent on a month-on-month basis, as 8 out of 16 (or half) of the regions across New Zealand experienced an increase in volumes. On a month-on-month basis, volumes were up 45% in Marlborough, up 18% in Wellington and up 7% in Nelson."

The median days to sell increased by two days from 32 to 34, with Northland being the slowest area in which to sell a home, up 10 days to 49. 

 

« October results a mixed bagAffordable housing in Auckland now doable »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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