Median price up on 2016
The median Taupo house price is up 32 per cent, compared to the median price in May 2016.
Statistics from the Real Estate Institute of New Zealand [REINZ] showed the median price for a Taupo District house was $337,000 in May 2016.
Just 12 months later, the median price has increased by $108,000 to $445,000 – the largest increase in the Waikato region.
Alex Keys from Keys Valuers said his local analysis supported the trends identified by REINZ.
‘‘The Taupo market has a shortage of stock. Low listings available, combined with high demand from purchasers, are creating upward price pressure,’’ he said.
‘‘While May sales activity was high with 95 sales recorded, the significant increase in the median sale price is a combination of a value increase and the price range of the sales transactions that occurred in May.
‘‘Our analysis would suggest the median house in Taupo has increased around 15 per cent over the last 12 months.’’
Bindi Norwell, REINZ chief executive, said Auckland house values weren’t the only ones boosting year on year.
‘‘May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region,’’ she said.
‘‘Auckland median house prices increased 5 per cent year-on-year to $865,000, showing continued growth in the Auckland housing market, albeit at a slower rate than the previous year.’’
Overall, the Waikato region’s median house price was $486,000 in May – 20 per cent higher than the median price in May 2016 ($405,000).
This included a 25 per cent increase in the median price in the South Waikato ($165,000 to $220,000) and 9.8 per cent increase in the median Hamilton City house’s value ($479,000 to $526,000).
The average number of days to sell a house in the Waikato region eased by 11 days compared to May 2016.
National median house prices increased 6.7 per cent to $540,100 (up from $506,000) in the year to May 2017.
Taupo’s median house price in May was 32 per cent higher than the median price in May 2016.