Property values rallied in October following a September dip as activity increases and prices remain strong, the latest data from the Real Estate Institute of New Zealand (REINZ) shows.
Median prices increased 23.4% to $895,000 compared with $725,000 in October last year. Ten out of 16 regions reached median price records, and one had an equal price record – the most since March. The number of price records is above average for an October month, reflecting a firm market reinforced by continued demand.
The median house price for New Zealand, excluding Auckland, increased 25.5% to a new record of $753,000 from $600,000 in 0ctober 2020 last year and an increase of 4.6% from September’s value of $720,000.
The median house price in Auckland increased 25% to $1,250,000 from $1,000,000 in…