Price rise could be market rebalancing

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October 2017

REINZ chief executive Bindi Norwell

Property prices have crept up in the latest Real Estate Institute of New Zealand data and for economists that suggests a rebalancing of the market.

By Miriam Bell

Sales volumes nationwide fell further in September, but prices in many markets continued to creep up, the REINZ data shows.

Once seasonally adjusted, New Zealand’s median price was up by 0.6% year-on-year and by 0.9% on the previous month to $525,000 in September.

Contributing to the national increase, six regions around the country saw double-digit median price growth year-on-year.

They were Tasman (up 19.3% to $572,500), Hawke’s Bay (up 18.3% to $392,000), and Gisborne (up 14.9% to $270,000, Northland (up 14.4% to $446,000), Wellington (up 10.6% to $531,000) and Southland (up 10% to $220,000).

Auckland’s median price remained flat…….

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