House prices up in North­land

The Northland Age - - Local News -

North­land’s me­dian house price in­creased 8.4 per cent year-on-year to reach $450,000.

Fig­ures re­leased by the Real Es­tate In­sti­tute of New Zealand (REINZ) shows North­land was one of 14 re­gions that ex­pe­ri­enced an in­crease in me­dian house prices in Fe­bru­ary com­pared to the same month last year.

Hawke’s Bay recorded the high­est in­crease, 18.4 per cent, to take that re­gion’s me­dian house price to $444,000.

The high­est me­dian house price in North­land to date was $455,000 recorded in July last year.

REINZ chief ex­ec­u­tive Bindi Nor­well said the North­land hous­ing mar­ket still ex­pe­ri­enced strong in­ter­est from Auckland buy­ers.

“We are also see­ing an in­crease in in­ter­est from lo­cals and buy­ers are mainly look­ing for per­ma­nent homes as op­posed to in­vest­ment prop­er­ties.

“List­ings have de­creased and as a re­sult prices are in­creas­ing. Ad­di­tion­ally, the level of in­ven­tory has gone down and prop­er­ties are sit­ting on the mar­ket a lit­tle longer un­less they are well priced,” she said.

The me­dian weekly rent in North­land is $385.

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