{"id":31126,"date":"2021-03-12T08:50:53","date_gmt":"2021-03-11T19:50:53","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=31126"},"modified":"2024-03-01T20:46:54","modified_gmt":"2024-03-01T07:46:54","slug":"rapid-property-price-boom-across-new-zealand-nine-out-of-10-regions-see-spike-in-sales-volume","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/rapid-property-price-boom-across-new-zealand-nine-out-of-10-regions-see-spike-in-sales-volume\/","title":{"rendered":"Rapid property price boom across New Zealand, nine out of 10 regions see spike in sales, volume"},"content":{"rendered":"

PHOTO: Property Boom. When will it stop?<\/strong><\/p>\n

\n
\n

There’s been another rapid property price boom across New Zealand, with nine out of 10 regions seeing an increase in sales and volume last month, new data has revealed.<\/p>\n

February had its highest number of home sales in 14 years – up 14 percent year-on-year, the latest Real Estate Institute of New Zealand (REINZ) data shows.<\/p>\n

The median house price in Auckland has skyrocketed to $1.1 million – up a staggering 24 percent.<\/p>\n<\/div>\n<\/div>\n

\n
\n

REINZ chief executive Bindi Norwell<\/a> is calling on the Government to address unaffordability issues.<\/p>\n

Norwell says the REINZ<\/a> data is likely to cause more havoc for first-home buyers hoping to get on the property ladder.<\/p>\n

“February was certainly an extraordinary month, with a new record median price for the country and 12 regions and 37 districts all reaching new or equal records.<\/p>\n

“Wellington, Manukau, and Waitakere Cities now all have median prices of $1 million or more, meaning that seven districts across the country now have reached or exceeded the million-dollar threshold.”<\/p>\n

New Zealand’s overall median house price is now $780,000 – a 22.8 percent year-on-year spike.<\/p>\n

Excluding Auckland, median house prices rose by 19.1 percent year-on-year – up from $550,000 in February 2020 to $655,000 last month.<\/p>\n

Among regions that saw the biggest annual increases in house sale volumes included the West Coast (up 58 percent), Taranaki (up 31.4 percent), and Northland (up 22.5 percent).<\/p>\n

Norwell said it’s hoped the re-introduction of loan-to-value restrictions, which returned last week, would ease the current rate of growth.<\/p>\n<\/div>\n<\/div>\n

READ MORE VIA NEWSHUB<\/a><\/p>\n

\n

MOST POPULAR<\/span><\/h3>\n