House prices in regional New Zealand have hit a record high average with three regions - Gisborne, Hawke's Bay and Wellington - surging to their highest prices ever.
In March figures from Real Estate Institute of New Zealand (REINZ), Gisborne's median price was up 17.9% to $330,000, Hawke’s Bay was up 11.7% to $445,000 and Wellington was up 10.0% to $583,000.
The national median house price rose 1.8% to a new record high of $560,000, and when Auckland was excluded, the national average saw a 6.2% year-on-year increase.
Median prices in Auckland fell 2.2% from the March 2017 record high though this was due to more lower-priced properties selling. On a month-on-month basis, prices in Auckland increased 2.9%.
REINZ chief executive Bindi Norwell said March was "a very strong month from a price perspective".
"Looking at the whole country, median house prices increased in 13 out of 16 regions – the only regions not to experience an increase were Northland, Auckland and Taranaki.
“This is the third month in a row now that the Hawke’s Bay has seen a record median price for the region. This increase has been driven by a high level of demand across the region which is driving prices up particularly in the Nelson Park Ward in Napier, Ruataniwha Ward in Central Hawke’s Bay and Heretaunga Ward in Hastings.”
“As New Zealand’s second largest city, Wellington continues to shine as an attractive place to live with much of the growth being driven by areas outside Wellington’s CBD including South Wairarapa’s Martinborough Ward, Porirua’s Eastern Ward, Carterton District Ward and Upper Hutt City Ward,” she said.
For the full report, go to Monthly Property Report - 17 April, 2018.