The housing market set new price records in September, with the national, Auckland, Waikato/Bay of Plenty and Otago median selling prices hitting new all time highs, according to the REINZ.
The national median selling price was $484,650 in September, up 4.2% compared to August and up 15.4% compared to September last year.
In Auckland the median price all set a new record of $771,000, up 4.2% compared to August and up 25.4% compared to September last year.
The median price for all parts of the country excluding Auckland was also at an all time high, hitting $365,000 in September which was up 4.7% compared to August and up 8.3% compared to September last year.
The number of sales was also strong, with 8174 homes selling in September, which was up 5.3% compared to August and up a whopping 38.3% compared with September last year.
REINZ chief executive Colleen Milne said there was continued evidence of Auckland investors buying homes in other regions of the country, particularly in Northland and Waikato/Bay of Plenty.
“These regions have recorded very strong sales growth so far during 2015 and this is now starting to be seen in the median price data,” Milne said.
The median price in the Waikato/Bay of Plenty was $390,000 in September, up a massive 10.5% compared to August while the number of sales in the region was up 8.9% for the month.
The forthcoming relaxation of the loan to valuation (LVR) mortgage lending restrictions for regions outside of Auckland would also have a positive effect on those markets, Milne said.
There were 1042 of homes that sold for more than $1 million in September, up 143% compared to the 428 that sold for $1 million or more in the same month last year.
Auction sales were also strong, particularly in Auckland, where auction sales accounted for more than half of all sales for the first time.
In the Wellington region the median price of $413,375 was up 2.7% compared to August and up 3.3% compared to September last year, while the number of sales was up 22.7% compared to last year.
In Christchurch the median price was $444,000 in September, up 3.3% compared to August and up 4.4% compared to September last year, while the number of sales was up 9% compared to year earlier.
In a Quickview note on the REINZ’s figures, ASB economist Kim Mundy said strong migration, record low interest rates and low housing supply were supporting prices.
“On the other hand, the impact of tax changes and investor LVR loan restrictions are less certain,” Mundy said.
“The pattern following the last implementation of LVR restrictions in late 2013 was a flurry of sales activity ahead of the introduction, followed by six months of weaker sales and slower price growth.
“We may see a similar pattern once the new investor measures are in place,” she said.
To read the REINZ’s full report for all regions of the country, click on the link below:
The interactive charts below show the monthly changes in the REINZ’s median selling price for all regions since 2002.