Covid be damned – the market is booming
Not only did the national median house increase by 16.4% year-on-year, and by 2.4% on July, to $675,000 in August, but every region saw an annual increase in median prices.
Half of the regional markets saw double-digit year-on-year increases and hit record median prices. They were Northland, Waikato, Manawatu/Wanganui, Taranaki, Canterbury, Otago and Southland.
Additionally, Auckland’s median house price increased by 16.0% to a new record high of $950,000 from $819,000 at the same time last year. It was also up by 3.5% from $918,097 in July.
REINZ chief executive Bindi Norwell says they would never have guessed that eight regions, and 17 districts/cities, would see record median prices just four months after the entire country was in lockdown.
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