Prices rocket but at slower rate in Wairarapa region

As national house prices soar to new highs, Wairarapa prices are also continuing to climb - albeit at a much more affordable rate.

Latest REINZ figures showed the region's median house price jumped by more than $30,000 to $260,000 over the past 12 months.

However, this was significantly lower than the national median of $400,000 - a new record high.

National NZCU Baywide chief executive Gavin Earle visited Masterton recently and he said it was evident due to the increasing price of homes that first time buyers in particular were finding it difficult to get on the property ladder in the region.

He said he believed because high-end housing was only accessible to a select few the competition for affordable housing in the region was fierce.

"I acknowledge that renting is the preferred option for many people, however, others see it as simply paying off someone else's mortgage," he said.

"In my experience this can cause resentment, as families continue to save for that first home which is always just out of reach: the banks change the rules, house prices increase and there are too many buyers in the pricing range."

Mr Earle said owning a home had been the dream for generations of New Zealanders and affordable housing combined with access to funds was vital in allowing first time homebuyers to climb on the property ladder.