PHOTO: Photo: RNZ / Dom Thomas
House price growth remains strong with continued demand driving up last month’s national median house price by $100,000 on September.
October’s Real Estate Institute’s (REINZ) House Price Index that measures the changing value of house prices rose 30 percent year-on-year.
The national median house price rose a seasonally adjusted 10 percent in October, to $895,000 from September’s $795,000.
Volumes were down 21 percent on the year earlier amid the continuing lockdown measures in place to slow the spread of Covid-19 in the community. However, the number of sales in October were up 19 percent on September’s, driven up by the Auckland region.
Auckland saw 85 percent more houses sold in October than September, despite the region’s strict lockdown.
The strength of the market was reflected in other data released earlier today, which showed investor confidence, particularly in Auckland, was rising in line with house price growth.
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