Median price hike
Property prices in Northland are rising faster than in Auckland with the average house price in the region reaching a record $360,000 high.
Northland with an increase of 14.3 percent ($45,000) on last June’s value was one of five regions to hit new record high median sale prices in June.
In comparison Auckland’s average rose only by 8.3 per cent.
Whangarei Heads, Waipu, Paihia and Tutakaka are the most sought after areas in the north.
‘‘Although the onset of winter means June is generally a quieter month for the real estate market there has been no let-up in price increases across the country,’’ Real Estate Institute of New Zealand’s spokesperson Bryan Thomson says.
Thomson says there is much discussion about the housing market and increasing new build supply, but the fact remains the vast majority of the supply comes from the sale of existing properties.
The inventory data continues to show rapid declines in the volume of properties available for sale right across the country.
‘‘While Auckland continues to be the largest single region, its influence on the national picture is waning due to its own weaker sales and strong growth in sales in other regions, particularly Waikato, Bay of Plenty and Northland.’’
Prices increased by 26 per cent in Whangarei City, 23 per cent in Whangarei County and 15 per cent in Otamatea County.
Compared to May, the median price rose 67 per cent in Otamatea County and 5 per cent in Whangarei City, but fell across the rest of the region.
‘‘Sales volumes continue to rise strongly, with volume up 20 per cent compared to June 2015, with a 122 per cent increase in Otamatea County and 12 per cent in Whangarei city although on a seasonally adjusted basis, sales were down 13 per cent compared to May.’’
Thomson says while the rate of sales growth is easing, the underlying trend remains firmly upward with increasing demand in the Whangarei area.
There has also been a noticeable increase in auction sales over the past month in response to tight supply and demand currently.