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Auckland prices rose 16 percent to a median of $ 950,000, 3 percent higher than in July. Excluding Auckland, the new median price is $ 570,000, also a record.
“For the past few weeks, we’ve been hearing reports from across the country of vendors achieving good prices for their homes, but we never would have guessed that eight regions and 17 districts / cities across the country would see record median prices in just four months. after the whole country was on lockdown, “said REINZ CEO Bindi Norwell.
“The recovery in the housing market after the lockdown over the past few months has been staggering and has certainly beat many predictions.”
Like Couchman, he attributed the low interest rates and removal of LVR restrictions, as well as people wanting larger homes in the event of another lockdown. Fewer ads than usual also drove prices up.
Earlier this year, many economists saw a 10 percent drop in house prices thanks to the pandemic, with homes in some regions, such as tourism-dependent Queenstown, possibly falling 30 percent in value.
It was the busiest August for sellers in five years, despite the low number of listings, up 25 percent from last year. Auckland also set a five-year high, the level 3 lockdown had no business impact.
“The adoption of digital tools has been a key factor in keeping the real estate market moving,” said Norwell.
Record prices were set in eight regions: Auckland, Northland, Waikato, Manawatu / Whanganui, Taranaki, Canterbury, Otago and Southland. Southland led the way with a 20.3 percent increase in median price, from $ 310,000 to $ 373,000.
