Property Values Continue to Rise

Residential property values continue to climb according to the REINZ.  The national median is now $390,000 up $5,000 in the month of August.  Sales volumes are at the levels expected at this time of year.  The NZHerald article provides a couple of illustrations showing percentage value increases  in some of the major regions around the country.

Notably Auckland is leading the way with a median increase in property value of $4,600 for August 2013 and it is up on the same time last year – no surprises there.

The median house value in Auckland is now $563,000 and there was a slight drop in actual property sales in August 2013.

The region coming in second place behind Auckland is Wellington however it is a long way behind with a median house value of $380,000 and Christchurch taking out third place with a median value of $374,000.

As mentioned earlier combining all regions around the country the median house value for New Zealand is $390,000 – pulled upwards by Auckland’s booming property market.

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