Regions miss price gains
With its latest monthly statistics, the Institute has included data comparing regions’ June 2014 median price to the median price in June 2007.
Auckland’s price has increased 35%, to $600,000, from just over $400,000. Canterbury’s increased by 34%, to just over $400,000 from less than $300,000.
But many of the other regions are reporting very similar median prices to what they experienced in 2007, or price falls. Manawatu/Wanganui, Southland and Northland are all still down on their 2007 medians.
Waikato/Bay of Plenty, Wellington, Otago and Hawke’s Bay are now only fractionally above.
Institute chief executive Helen O’Sullivan said: ““Over the past seven years the national median price has increased by 23%, however, only Auckland and Canterbury/Westland have seen prices rise by more than the national median at 35% and 34% respectively. Combined, Auckland and Canterbury/Westland represent over half of the New Zealand real estate market and have dominated the increase in the national median price."
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