New Zealand Property News

New Zealand prices on the uptick

Residential property prices in New Zealand have continued in their upward trend in Q3 2012, according to the Real Estate Institute of New Zealand (REINZ).

The institute reported that the national median house price rose 6% to NZ$371,000 ($304,168) year-on-year to September.

Southland saw the steepest increase, with a year-on-year rise of 17%. Central Otago Lakes also saw an increase in the double figures, going up 14.4%.

Just two districts recorded a slide in prices – Hawkes Bay and Northland, with decreases of 2.9% and 1.5% respectively.

Despite the move upwards, Southland remains the cheapest district for housing, with a median price of NZ$200,000 ($164,000). Auckland tops the pricing charts with an average of NZ$515,000 ($422,000)