PHOTO: Record house prices leave sellers in tears as buyers fight to win. GETTY
A Kiwi property expert has revealed in his 18 years as a real estate agent, he has never seen so many owners in tears at auctions due to record house prices.
The Real Estate Institute of New Zealand (REINZ) revealed their data for November on Friday, which showed the national median house price has skyrocketed to $749,000.
The price was an increase of 18.5 percent from the same time last year, with 9885 residential properties sold in November 2020.
However, at the same time the number of properties available for sale nationally has decreased 16.9 percent since last year, according to REINZ’s inventory data.
Harcourt’s general manager for the Lower North Island’s Team Group Marty Ritchie told Newshub “it’s a frenzy out there”.
“Using yesterday as an example we had 13 properties up for auction along the Kapiti Coast which encompassed Paramata up to Levin. Twelve out of 13 sold and I’ve never seen so many owners in tears with the prices they achieved… I’ve never seen so many owners happy to have bought.”
He said there is not a single Harcourts office in the lower North Island where the market is not “going nuts”.
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