Median house price goes up 2 percent – REINZ

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House prices show no sign of slowing at the start of the year.

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Photo: Dom Thomas

Real Estate Institute New Zealand (REINZ) figures for January showed the median price rose a seasonally adjusted 2 percent on the month before.

REINZ’s house price index hit a record high, with the annual gain more than 19 percent, the biggest annual rise since mid-2004.

The national median price was $730,300.

REINZ chief executive Bindi Norwell said prices typically eased in January as the residential property market slowed over the holiday season.

“The first month of 2021 was anything but normal as house prices across the country have continued to rise, with January seeing four regions reach new record median house prices and one region equal its December record.”

The four regions to hit records were Bay of Plenty, Hawke’s Bay, Taranaki, and Nelson, while Manawatū/Wanganui matched its December record.

Meanwhile, Auckland prices rose nearly 15 percent for the year, but cooled off December’s median high, which was not unexpected for the time of year.

“The fear of future price rises and the fear of missing out lingers deep in buyers’ minds and is impacting people’s buying behaviour as January saw a continuation of properties selling at a rapid pace,” said Norwell.

The number of houses sold was the highest for a January month in five months.

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