Median house price in Northland rises - again, this time to $450,000

Northland's median house price increased 8.4 percent in one yar and is currently sitting at $450,000. Photo / John Stone

Northland's median house price increased 8.4 per cent year-on-year to reach $450,000.

Figures released by the Real Estate Institute of New Zealand (REINZ) shows Northland was one of 14 regions that experienced an increase in median house prices in February compared to the same month last year.

Hawke's Bay recorded the highest increase, 18.4 per cent, to take that region's median house price to $444,000.

The highest median house price in Northland to date was $455,000 recorded in July last year.

REINZ chief executive Bindi Norwell said the Northland housing market still experienced strong interest from Auckland buyers.

"We are also seeing an increase in interest from locals and buyers are mainly looking
for permanent homes as opposed to investment properties.

"Listings have decreased and as a result prices are increasing. Additionally, the level
of inventory has gone down and properties are sitting on the market a little longer unless they are well priced," she said.

Paul Beazley of L J Hooker in Whangarei said the the median house price in central Whangarei of $405,000 in February was indicative of the market evening off.

That compared with $458,000 in December last year and $399,000 in January.He said the number of residential properties sold in central Whangarei increased from 150 in January and February last year to 164 for the same months this year.

The median weekly rent in Nothland is $385.