NZ house prices up: Check your region

Name: Watch NZH Focus: House prices jump
Uploaded: 2016-09-14T10:56:45+12:00
Duration: 135 s
Description: Watch NZH Focus: Property editor Anne Gibson has the latest on Auckland house sale prices jumping $280 a day, according to data from the Real Estate Institute.

By Anne Gibson

Property Editor·NZ Herald·

13 Sep, 2016 10:20 PM2 mins to read

Watch NZH Focus: Property editor Anne Gibson has the latest on Auckland house sale prices jumping $280 a day, according to data from the Real Estate Institute.

Auckland, Nelson prices hit new records

Auckland house sale prices jumped $280/day according to data from the Real Estate Institute.

It has just announced a new record median August sale price for the city of $842,500, up $102,500 since August last year - the equivalent of $280 a day.

REINZ said Auckland prices were up 14 per cent annually, up 21 per cent in Manukau, 20 per cent in outer Auckland and 14 per cent in Rodney and Auckland City.

READ MORE: • Spring pushes house prices to new highs

"Compared to July the median price rose by $17,500 (+2 per cent) , with pricing rising 9 per cent in Auckland City, 3 per cent in outer Auckland and 1 per cent in Rodney and Manukau City," the statement said.

Nelson/Marlborough also set a new record high in August at $430,000, up 12 per cent or $45,000 since last August.

Nationally, 7527 residential properties were sold last month, up 3 per cent from the month before but down 3 per cent compared to August last year.

Bryan Thomson, REINZ spokesman, said a lack of new listings was a big influencing factor.

"The underlying trends indicate that the struggle for stock is the single biggest factor driving market behaviour and price expectations across the country, as we await Spring listings," he said.

The national median for August was $492,000, up 5.8 per cent annually from $465,000.

• Seasonally adjusted stats show national prices down 2 per cent from July and up 6 per cent year-on-year. For Auckland the prices were up 2 per cent from the month before and up 13 per cent from last year.

House price increases:

Yesterday, Harcourts and Trade Me Property released figures for August.

Chris Kennedy, Harcourts' chief executive, said his agency only has 2.4 months of Auckland stock and needs more new listings. Nigel Jeffries, head of Trade Me Property, said the housing market had warmed up in the three months to August and that spring was having an effect.

"The sluggish property market we've seen recently is starting to gain some traction again as we shift into spring. The average asking price across New Zealand has reached a new peak of almost $600,000, a significant milestone in what has been an electrifying couple of years for the housing market," Jeffries said.