North­land me­dian house value reaches $481,000

Whangarei Report - - FRONT PAGE -

North­land prop­erty prices show no signs of abat­ing, with lat­est fig­ures show­ing the me­di­ans house value in the re­gion hit­ting a record $481,000.

Real Es­tate In­sti­tute New Zealand (REINZ) chief ex­ec­u­tive Bindi Nor­well said North­land, like other re­gions ex­cept Auck­land, des­per­ately needed to in­crease the sup­ply of new homes to fill a sig­nif­i­cant short­age of prop­er­ties.

Own­ers hold­ing on to their prop­er­ties longer and peo­ple mov­ing to North­land are con­tribut­ing to a short­age of houses ei­ther for rent or sale.

North­land was one of four re­gions with a record me­dian price in July, REINZ fig­ures show. The other re­gions were Taranaki (15.4 per cent to $375,000), Nel­son (15.2 per cent to $547,000) and Marl­bor­ough (13.4 per cent to $453,500).

The me­dian price in North­land of $481,000 last month was 5.7 per cent higher than July 2017 when it was $455,000. The in­crease through­out New Zealand was 6.2 per cent.

Whanga¯ rei prop­erty val­ues con­trib­uted the bulk of the in­crease in North­land with a year-to-year jump of 6.9 per cent, from $452,000 to $483,000.

Prices in Kaipara, which in­clude Man­gawhai, fell 11.5 per cent dur­ing that pe­riod, down from $520,000 to $460,000. The Far North saw a mod­est in­crease from $455,000 to $470,000.

“The whole North­land re­gion is ex­pe­ri­enc­ing an in­crease in de­mand be­cause of a lack of in­ven­tory, higher de­mand and af­ford­able houses com­pared with big­ger cen­tres, and North­land's a great place to live in as well,” Nor­well said.

“But the key is to make sure there is enough sup­ply to keep up with the de­mand, be that through Ki­wibuild or from pri­vate de­vel­op­ers and builders.”

The num­ber of houses for sale in North­land last month dropped to 1201 com­pared with 1296 in July last year. There was also a drop in the num­ber of houses sold dur­ing that pe­riod, from 192 drop­ping to 187.

Kerik­eri, in par­tic­u­lar, is see­ing the high­est rise in prop­erty prices in North­land. Me­dian house prices there are creep­ing to­wards the $1 mil­lion mark.

The me­dian house price in Kerik­eri went up from $690,000 to $700,000, REINZ fig­ures show.

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