Auckland house prices have nearly doubled in a decade, according to REINZ statistics.
In August 2006, the median house price was $395,000. In the ten years to August 2015, the median house price increased 87 per cent to $740,000.
In comparison, the August 2006 median house price for Northland was $265,000, which increased 22 per cent to $323,750 in the ten years to August 2015.
Auckland’s median price rose 20 per cent year-on-year to August 2015 – from $614,050 to $740,000; and a $5,000 rise compared to July, according to the latest REINZ statistics.
The month of August also saw the highest volume of sales for Auckland and Waikato/Bay of Plenty regions since 2003.
The national median price was $465,000 for August, an increase of $45,000 or 10.7 per cent year-on-year.
“Activity right across New Zealand continued to be very strong through August, with wintry conditions apparently no deterrent to sales being concluded,” REINZ chief executive Colleen Milne said.
“A rise in the number of new listings, matched by the number of sales, shows that with more properties available for sale buyers have emerged to take up the additional supply.”
The cut in the OCR by the Reserve Bank is good news for borrowers, she said.
“The impact of interest rate reductions within Auckland is hard to measure given the overriding supply and demand factors across the city,” she noted.