House prices jump by 12.3 per cent

The median house price in Southland rose $35,000 in February compared to the same month in 2019.

Data released by the Real Estate Institute of New Zealand [REINZ] showed the median house price in Southland increased by 12.3 per cent from February 2019 to February 2020, from $285,000 to $320,000.

Southland reached a new high on the REINZ house price index at a score of 3435, meaning the value of housing has increased by more than 200 per cent since 2003.

However, the median house price in Southland had decreased by 10.9 per cent from January 2020 to February 2020, from $359,000 to $320,000.

New Zealand’s median house price has risen $80,000 in a year to a record high of $640,000,according to REINZ.

That increase is above the median wage of $52,000. Seven regions posted new record median prices.

REINZ chief executive Bindi Norwell said: ‘‘For two months in a row now we’ve seen every region in the country experience annual median price increases, showing a continuation of the price growth we started to see just before Christmas.’’

The 14.3 per cent increase in

the median house price last month was the largest percentage increase in 53 months.

Median house prices for New Zealand, excluding Auckland, increased by 11.8 per cent to a new record of $550,000, up from $492,000 in February 2019.

Record median prices were recorded in Northland ($560,000), Gisborne ($450,000), Manawatu/Wanganui ($425,000), Wellington ($716,000, breaking through the $700,000 mark for the first time), Tasman ($665,000), Marlborough ($531,250), and Canterbury ($474,000).

‘‘For two months in a row now we’ve seen every region in the country experience annual median price increases, showing a continuation of the price growth we started to see just before Christmas.’’

Bindi Norwell REINZ chief executive