Median house price hits a record high

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Gisborne's median house price hit a record high of $330,000 in March, up 17.9 percent from $280,000 12 months ago, the Real Estate Institute of New Zealand (REINZ) reports.

Gisborne-based REINZ regional director Philip Searle said despite the record high, the local market was still seeing high levels of interest from first home buyers — particularly those looking to use their KiwiSaver fund to get into their first home.

“We’re still seeing significant interest from people based in Auckland, Tauranga and Hamilton looking at the Gisborne market as a potential relocation opportunity.

“Auctions continue to prove popular in the region and most agencies are seeing good clearance rates.

“The Gisborne market remains buoyant and shows no sign of slowing down.’’

Median prices for New Zealand, excluding Auckland, increased by 6.2 percent year-on-year to a record high of $460,000 in March.

Prices in Auckland fell 2.2 percent year-on-year to $880,000 but this was compared to March 2017, which saw the region experience the record price of $900,000.

Two other provinces, in addition to Gisborne, also achieved record high median prices.

Hawke’s Bay increased 1.7 percent to $445,000 and Wellington by 10 percent to $583,000.

Gisborne house sales in March totalled 75, up 8.7 percent from 69 sales in March 2017.

The 75 sales was the largest number of sales in a month since May 2016.