House prices up in Northland

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.