GISBORNE HOUSE PRICES ROSE $2,645 A DAY IN MAY

From the REINZ website media page:

Median house prices across New Zealand increased by 3.2% in May to $578,000, up from

$560,000 in May 2018. Median price increases for New Zealand excluding Auckland were even
stronger, increasing by 7.2% to $487,770 up from $455,000 in May last year, according to the
latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete
and accurate real estate data in New Zealand.
BINDI NORWELL, REINZ CEO


Four regions saw annual falls in median price during May – West Coast (-14.0%), Tasman (-4.1%),
Northland (-1.9%) and Marlborough (-1.2%).


“The West Coast can be a very volatile market, particularly as we go into winter, so a -14.0% fall in
median price isn’t entirely surprising for this time of year. Given the strength of Tasman, Northland and
Marlborough over the last few months, these were relatively small declines in the bigger scheme of
things, but time will tell if this is just the start of the usual winter slow down,” points out Norwell.
“May saw a slight resurgence in Auckland’s median price, with a 1.2% median increase – the highest
median price we’ve seen for the Auckland region so far this year. Waitakere City saw the highest median
price in 5 months with a 6.0% increase, Auckland City saw the highest median price in 3 months with
a 3.8% increase in median price and despite a -0.6% year-on-year fall in median price Rodney District
had the highest price in 12 months at $900,000, suggesting that despite the cooling weather there
are some green shoots in the Auckland market and that confidence is returning to the City of Sails,”
continues Norwell. 

Gisborne saw a new record median price increasing by a staggering 54.4% year-on-year to $440,000 up
from $285,000 – a $155,000 increase. Even looking at the previous month showed a 22.9% increase
in median price (from $358,000 to $440,000) an $82,000 increase or $2,645 per day.
Median house prices in Auckland increased by 1.2% year-on-year from $850,000 to $860,000 the
highest price the region has seen for 2019 so far.

Bindi Norwell, Chief Executive at REINZ says: “Gisborne was the strongest of all the regions in
May, with a 54.4% annual increase in the median house price and a 22.9% monthly increase which
is the equivalent of $2,645 a day. We haven’t seen price rises on this scale for a number of years now,
showing just how strong regional growth is in parts of New Zealand.
“Looking at the country as a whole, median prices increased annually in 11 out of 16 regions with strong
growth recorded in Southland (+16.7%), Manawatu/Wanganui (+14.4%), Hawke’s Bay (+9.3%) and Otago
(+8.2%).”

FOR MORE DETAILS AND TO READ THE FULL REPORT CLICK THIS LINK: https://www.reinz.co.nz/public-archive-2019