REINZ: House prices continue to be driven by strong regional growth

PHOTO: REINZ.

The median house price for New Zealand increased by7.1% to $520,000, up from $485,500 in January 2017. Auckland’s median price decreased by 1.2% to $820,000 down from $830,000 at the same time last year. The only other region to experience a price decrease year-on-year was West Coast, down 10.0% to $135,000.

January also saw two regions experience record prices:
• Otago – up 32.9% to $475,000
• Hawke’s Bay – up 18.4% to $438,000.