Median property value hits $295,000

The new $295,000 median in the Real Estate Institute survey set a record as the highest national price, up on the $290,000 median of September and $280,000 in August.

The Auckland region's median also increased last month, but by a more modest $1000.

But the number of sales fell and this is one of the key indicators which bank analysts use to track the market's health.

Last month 8513 properties were sold, down on 9186 in September.

Institute president Howard Morley said this was uncharacteristic for the busy spring period when sales volumes generally rose. But the jury was still out on whether interest rate rises would quench housing demand.

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