The housing market rallied very strongly in March, continuing to defy predictions of a downturn says the Real Estate Institute.
The national median selling price rose $10,800 to a new record of $280,000.
The average house price has risen 16.4% in the last twelve months.
The number of houses sold was down from 11,371 in March 2004 to 10,398.
National President of the Real Estate Institute of New Zealand (Inc), Mr Howard Morley said,
“Despite predictions otherwise, the latest increases show beyond doubt that the residential property market is in good heart. The regions, rather than the major centres, contributed much of the overall price increases in the last year.”
House Price Changes
| Region | Median Price March |
Change since February |
| Northland | $240,000 | up 9.6 % |
| Auckland Region | $372,000 | up 4.8 % |
| Waikato/Bay of Plenty/Gisborne | $248,000 | up 1.2 % |
| Hawke’s Bay’s | $240,000 | down 1.0 % |
| Manawatu/Wanganui | $155,000 | down 0.3 % |
| Taranaki | $220,000 | up 14.0 % |
| Wellington Region | $289,000 | up 4.4 % |
| Nelson/Marlborough | $287,000 | up 4.4 % |
| Canterbury/Westland | $249,000 | up 7.8 % |
| Otago | $219,000 | up 7.3 % |
| Southland | $147,000 | up 4.3 % |