But what does this mean for today ’ s property owners ? Across New Zealand , properties that resold for a gross profit in the three months to June 2021 had been owned for a median of 7.4 years . According to the latest report from CoreLogic , the resale gains across New Zealand were extraordinary . Wellington was the strongest performer in the main centres , recording a new record high in Q2 and a median resale profit of $ 535,000 . The median gain in Auckland was $ 490,000 and $ 437,500 in Tauranga . In Hamilton and Dunedin , the median resale gain was $ 360,000 or more , while in Christchurch , the median resale gain was $ 220,000 . Across New Zealand as a whole , the proportion of properties being resold for more than the original purchase price ( i . e . a gross profit or “ gain ”) in Q2 2021 was 99.0 per cent – an equal record high ( with Q1 2021 ). The size of those gains was also high – a median of $ 347,500 for resales in the three months to June .
Source : corelogic . co . nz Pain and Gain Report Q2 , 2021
According to the report , in the urban areas , the Upper North Island saw a widespread upturn in property values across the country in the past six-nine months . The flow-on effects this has had on resale performance can also be seen across the main urban areas in the top of the North Island . Indeed , for the past three quarters ( i . e . Q4 2020 , and Q1 & Q2 2021 ), all resales in Gisborne have been made above the original purchase price . The figures have also been very strong in Whangarei and Rotorua at 98-99 per cent of resales being made for a gross profit . Of course , in dollar terms , the gains have also been high ( and the losses low ). Indeed , in each of these three areas , the median resale profit topped $ 300,000 in Q2 2021 , with the totals ranging from around $ 51m ( Gisborne ) up to $ 94m ( Whangarei ).
The Lower North Island , generally speaking , saw some of the strongest increases in average property values across the country in the past year or so have been in areas around the central and lower North Island , and this is showing clearly in the gain statistics . In Hastings , Palmerston North , and Whanganui , all resales were made above the original purchase price in Q2 2021 , while the figures were also 99.5 per cent or above in Napier and New Plymouth .