Regional property markets in New Zealand outpaced Auckland in February
Property prices in two out of 12 regions in New Zealand hit new record high median sale prices in February 2017 as Auckland was outpaced, the latest index shows.
Central Otago Lakes recorded the largest percentage increase in median price compared to February 2016 at 30%, followed by Northland at 20% and Otago at 18%.
Overall, the national median price increased to $495,000, up by $5,000 from January, and up 14.1% year on year on a seasonally adjusted basis, according to the data from the Real Estate Institute of New Zealand (REINZ).
The number of sales for February 2017 was up by 45% month on month, although on a seasonally adjusted basis sales for February 2017 fell 8.9% compared to February 2016.
In Auckland, median prices rose a seasonally adjusted 11% year on year, although the median price dropped $5,000 or 1% during February. The median price rose an average of 10.6% over the past three months, versus 10.5% over the same period a year ago, indicating a very similar performance between the first three months of 2017 and 2016.
The index report points out that in Auckland inventory has risen by 20% over the past year, rising sharply over the past three months. Over the same period Auckland sales volumes were 8.9% lower on a seasonally adjusted basis.
The number of days to sell improved by two days to 39 days from January, and eased three days compared to February 2016.
Otago had the fewest number of days to sell at 27 days followed by Wellington at 29 days and Manawatu/Wanganui at 32 days. Northland and Central Otago had the most number of days to sell at 53 days, while in Auckland the number of days to sell rose by two days to 43 days compared to January and rose by a week compared to February 2016.