The property market continued to bubble along in August, with the nation's median selling price hitting a fresh high, according to figures out today from the Real Estate Institute (REINZ).
After falling to $280,000 in July, the median selling price hit a new national record of $290,000 in August. Thiscompared to $248,000 the same time last year.
The number of house sales also increased in August, to 8537, from 8213 in July.
REINZ's national president Howard Morley said sales of higher priced properties had driven the market.
Sales volumes of houses worth less than $400,000 were relatively flat at 6363 in August, compared with 6312 in July.
By contrast, house sales in the $400,000 to $599,000 price band increased from 1311 in July to 1506 in August, and sales in the $600,000 to $999,999 rose from 464 to 520. Million dollar-plus house sales increased from 127 to 148.
Of the 12 regions, seven recorded a rise in median prices in August compared to July, one was unchanged and four fell.
The median sales price in the Auckland region rose $11,500 on July, from $363,500 to $375,000. But while prices were up, sales volumes fell, from 2960 in July to 2933 in August.
Wellington's median sales price jumped from $295,250 in July to $308,100 in August. Sales volumes were up from 860 in July to 886.
In the Waikato/Bay of Plenty/Gisborne region median sales prices hit $263,000, from $247,500 in August. Northland's median house price rose to $250,000 from $235,000. In the Hawke's Bay the median sales price rose to $253,750 from $250,000.
The median price in Manawatu/Wanganui hit a new high of $173,000 in August, up from $169,500 in July.
Canterbury/Westland's median price reached $260,000, from $250,000 the previous month.
Taranaki's median price was unchanged at $216,000.
On the downside, Nelson/Marlborough fell to $270,000 from $273,000, Central Otago Lakes eased to $345,000 from $350,000, Otago fell to $193,000 from $201,000 and Southland eased to $136,000 from $138,500.
