House prices increased 1.2 percent month-on-month to $850,000 in June up from $840,000 the previous month, the latest data from the Real Estate Institute of New Zealand (REINZ) shows.
The median residential property price for the country also increased 4.2 percent year on year from $816,000 last June.Meanwhile the median price for New Zealand, excluding Auckland, increased 9 percent annually from $680,000 in June 2021 to $741,000 this year. There was also a month-on-month increase of 1.1 percent from $733,000 to $741,000.
The median price in Auckland increased 0.5 percent compared to June last year from $1,150,000 to $1,156,000. Auckland also recorded a month-on-month increase of 2.8 percent hitting $1,156,000 - up from $1,125,000 in May.
Canterbury was the region with the strongest annual percentage growth in June. Median prices in the region jumped 22.1 percent from $565,000 to $690,000. The Waikato region also had strong annual growth, up 14.3 percent - from $735,000 to $840,000.
But four regions showed an annual decrease in prices including Wellington which was down 4.2 percent from $885,000 to $848,000. Hawke’s Bay was also down, dropping 1.4 percent from $700,000 to $690,000. Meanwhile the median price in Manawatu/Wanganui dropped 1.1 percent from $581,200 to $575,000, and Taranaki saw a marginal decrease of 0.2 percent from $576,000 to $575,000 over the same period.
