House prices dip in March as Aucklanders flock to regions

The latest REINZ data was released today. Photo / Michael Craig

The New Zealand housing market dipped in April with the national median price declining by 1 per cent compared to the month before.

New figures released by the Real Estate Institute of New Zealand showed the median house price across New Zealand in April was $490,000, an increase of 7.7 per cent compared to April last year.

Compared to March, the national median house price fell by $5,000 or 1 per cent.

The number of sales and the median price in Auckland declined in April compared to March. Sales fell 13 per cent with the largest falls occurring in Auckland City, North Shore and Waitakere. However, on a seasonally adjusted basis sales increased by 17 per cent.

In Auckland, the median price, $812,000, declined 1 per cent compared to March, and 0.6 per cent when seasonally adjusted. Compared to April 2015 prices grew by 13 per cent.

REINZ chief executive Colleen Milne said after a slowdown over summer months the Auckland region was picking up again.

"The listing situation has tightened again, with the number of weeks of inventory dropping back to 10 weeks - a near-record low. The adjustment period after the LVR is over, and demand remains strong."

Outside of Auckland, many regions experienced a strong growth in prices.

Waikato/Bay of Plenty, Taranaki, Canterbury/Westland and Otago all reached new record median prices in April.

Milne said the "halo effect" of Aucklanders buying property outside of the city was strengthening.

"There's also been a noticeable level of demand from Auckland investors in the Otago region, which highlights the trend of investment interest moving outside Auckland to the regions, as the availability of listings decreases."

Read the full REINZ release here:

Read the REINZ regional breakdown here: