Sales volumes hit new levels and median house prices reached new record highs across more New Zealand regions including the Bay of Plenty than ever before, according to the latest figures released today by REINZ, source of the most recent, complete and accurate real estate data in New Zealand.
Record median prices were reached in Waikato/Bay of Plenty, Taranaki, Canterbury/Westland and Otago. This shows the growing 'Halo Effect' of rising prices around New Zealand is strengthening in the regions where it is already present, and moving on to new regions, driven by a chronic lack of supply.
Median prices rose in Tauranga (39 per cent), Mt Maunganui/Papamoa (26 per cent), and Waikato Country (24 per cent). Compared to March 2016 the median price for the region rose by $2000 (+1 per cent) and on a seasonally adjusted basis prices rose by 1.2 per cent.
REINZ regional director Philip Searle said: The Waikato/Bay of Plenty region continues to see strong demand, combined with a chronic lack of supply.
"The level of listings has dropped 60 per cent compared to April last year, with many towns across the region reporting very low levels of properties for sale. The Auckland Halo Effect is in full swing across the region, with the overall trend for Waikato/Bay of Plenty moving from improving to rising."