Record rise in Northland's median house prices

Barfoot and Thompson is selling this house in Woodhill, Whangarei for $415,000 - not far off the record median price for the region of $399,500.

Northland's property market has hit a record median house price of $399,500.

And with more houses for sale than anywhere in the country, buyers - including first home purchasers - could be in for a bargain.

Figures for November released by the Real Estate Institute of New Zealand (REINZ) show the median house price of $399,500 across Northland last month rose by 19 per cent or $62,750 in a year.

That equated to a weekly price rise of $1206.

The national median price increase was 13.2 per cent.

Central Whangarei had the biggest growth at 18 per cent while the rest of the district as well as Dargaville increased 14 per cent.

Compared with October this year, the median house price last month rose by 9 per cent in Dargaville and 5 per cent in Kerikeri.

House sales throughout Northland in November were up 22 per cent compared with October, with Kerikeri registering the biggest hike of 63 per cent, followed by 60 per cent in Otamatea and 59 per cent in Whangarei.

REINZ spokesman for Northland Bryan Thomson said with houses in the region sitting in the market for 28 weeks - the longest period in the country - buyers have a good choice.

This time last year the figure was 42 weeks.

"There's a larger range and more affordable properties in provincial centres like Whangarei and what I see in Whangarei is the town's positive outlook, employment and business opportunities.

"People are also returning home so there's every reason to look at Whangarei both in terms of affordability and lifestyle opportunities.

"As the first sod is turned on the Puhoi to Warkworth roading project, it will cut travel time to and from Whangarei and get more people interested in buying up in Northland," Mr Thomson said.

Some parts of the housing market in Northland, he said, such as well-presented three-bedroom houses near central Whangarei were selling faster than others.

LJ Hooker Whangarei chief executive Paul Beazley said values had been on a strong climb since October last year and were now expected to remain constant in the short-term.

The first half of December had been strong in sales volumes and values, and he expected it to stay that way into the new year.

Mr Beazley said the reduced sales volumes in Whangarei were a flow-on effect from the Auckland market.

"I don't think it's going to die off ... I still think the market's going to remain pretty strong."

Median house prices and sales volumes grew across New Zealand during November, according to REINZ.

Its figures showed 10 of 12 regions hit record high median sale prices in November 2016, with the national median price also reaching a record median of $520,000.

Only Auckland and Central Otago Lakes did not post new records.

The number of sales in New Zealand this November was 7576, an increase of 13 per cent on October. Sales volumes fell 6 per cent compared with November 2015.