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Prices of residential property across New Zealand rose by 15.4% to $795,000 in September 2021 compared to $689,000 in September 2020, according to the latest data from the Real Estate Institute of New Zealand (REINZ).
Seven out of 16 regions reached new record median prices, the most since April 2021. Nine regional records were reached in September 2020, while this month’s total number of records remains above average for a September month.
Median house prices for New Zealand, excluding Auckland, increased by 23.1% from $585,000 in September 2020 to a new record at $720,000.
This figure marks an increase of 2.9% from August 2021 ($700,000) and indicates that confidence remains in the property market after the easing of COVID-19 Alert Level restrictions outside of Auckland.
The median house price in Auckland increased 20.4% to $1,150,000 from $955,000 in September 2020. This figure was down 4.2% from its record $1,200,000 in August 2021.
