National median reaches record high

Uncertainty around the new government has done little to dampen property prices throughout New Zealand, as 14 of the country's 16 regions see house prices rise in the month of October. Otago has rocketed up 14% to a median of $412,000, with Manawatu/Wanganui seeing growth of 11.5% ($290,000) and Waikato reaching a median of $500,000, a rise of 9.9%. 

Auckland bucked the trend, with a fall of 3.2% to a median of $850,000, which represents the biggest fall in value since December 2010. Nelson's reduction was more dramatic; at 6.8% to $447,500 this is the biggest fall since April 2012.

Bindi Norwell is the CEO of REINZ. She says that the Auckland region's decrease can be attributed to an influx of apartments being built in the area. 

"This has therefore brought the median price down for the entire region," she says.

She goes on to say that Auckland City’s median fell by 17% to $850,000 the lowest price it’s been for 16 months.

"Interestingly, Franklin District prices increased 16% year-on-year to $737,000 and North Shore City remains New Zealand’s only million-dollar plus city,” she continues.

There has been a downward trend when it comes to volume, with properties available in New Zealand down 16% for the year to 5689. Auckland property sales in Auckland were down 21% to 1632. 

“For the last three months, not a single region in New Zealand experienced an increase in sales volumes year-on-year, however, this month we’ve seen two regions Gisborne and Southland with an increase (up 8% and 1% respectively) suggesting that we’re starting to see the traditional spring increase finally kick in," says Norwell.

"This picture is even more apparent on a month-on-month basis, as 8 out of 16 (or half) of the regions across New Zealand experienced an increase in volumes. On a month-on-month basis, volumes were up 45% in Marlborough, up 18% in Wellington and up 7% in Nelson."

The median days to sell increased by two days from 32 to 34, with Northland being the slowest area in which to sell a home, up 10 days to 49.