Queenstown house price hikes eclipse Auckland: REINZ

Queenstown is a beautiful town, and house prices are soaring even quicker than Auckland. Photo /Mark Mitchell

National house price sales data just out shows outer Auckland prices up 29 per cent in a year, while Rodney prices soared 27 per cent and the North Shore up 14 per cent.

But that's nothing compared to Otago Lakes - which includes Queenstown where prices have skyrocketed 42 per cent.

Real Estate Institute data issued this morning showed Auckland prices across the entire city rose 9 per cent on an annual basis, while sales volumes dropped 14 per cent between May and June.

"Five regions - Northland, Auckland, Waikato/Bay of Plenty, Otago and Central Otago Lakes - hit new record high median sale prices, while the national median price eased slightly (1%) to $500,000 from $506,000 last month," REINZ said.

Bryan Thomson, REINZ spokesman, said there was currently a lack of Auckland listings.

"The Auckland region is seeing sales volumes flatten out, although this may be due more to lack of choice for buyers given very low levels of listings available heading into winter. Demand has softened in some parts of the region, but there is still strong demand in the eastern suburbs and in the southern parts of the region. The lack of supply and continuing strong demand is driving prices higher," Thomson said.

The national median house price rose $50,000 (up 11 per cent) to $500,000 from June 2015 to June 2016. Compared to May the national median house price fell $6,000 (-1 per cent), REINZ said.

Otago Lakes - which includes Queenstown - recorded the largest percentage increase in median price compared to June 2015, at 42 per cent, followed by Waikato/Bay of Plenty at 26 per cent and Otago at 19 per cent.

Wellington has the fewest properties for sale with just over seven weeks of supply, closely followed by Hawke's Bay with nine weeks supply and Auckland with just under 10 weeks of supply.

Between June 2015 and June 2016, the number of homes sold for more than $1 million increased by one third. The proportion of sales of homes under $600,000 fell from 66.4 per cent to 60.6 per cent.

The proportion of sales of homes under $400,000 declined by 6.1 per cent year-on-year.

See a full REINZ regional breakdown here: