Ray White Now New Zealand 19.10.2020 Version 22 - 19 October 2020 - Page 6

SUPPLY CONTINUING WHILE DEMAND INCREASES . FURTHER INTEREST RATE DROPS SIGNALS HIGHER BUYER DEMAND MONTHS

The latest property report issued by the Real Estate Institute of New Zealand for September showed that nine regions hit a record in median prices , as did the market across New Zealand and Auckland . This time last year the average median house price in New Zealand , excluding Auckland , was $ 500,000 and in September this year it has increased by 17 per cent over the past 12 months to a new record high of $ 585,000 . In Auckland , while the numbers are not as high , the last 12 months has seen a rise of 12.6 per cent from $ 848,000 in September 2019 to $ 955,000 this year . A total of nine of the regions saw record median prices and these included a staggering 45.8 per cent increase in Gisborne and a 21.3 per cent rise in Taranaki . The Otago area in Southland rose by 20.7 per cent . The Bay of Plenty together with Manawatu / Wanganui and Waikato registered increases at approximately 15 per cent , while Wellington was 13.1 per cent and Canterbury 11.1 per cent .
Prices across the country have seen significant increases , with every region showing an annual uplift . This continues to provide confidence to buyers . With interest rates being at such low levels , not only are first home buyers active in the market , we are increasingly seeing investors also looking for better return and contributing to the depth of the buyer pool .
Source : REINZ Monthly Property Report . 13 October 2020 , page 5 .
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