New zealand house prices reach new high

House prices in New Zealand have reached a new high, accordinv to the Real Estate Institute of New Zealand.

The group's latest figures show that property values climbed 6 per cent in March 2014 from the previous month to reach an average of $440,000 - a new heigh and $44,000 higher than one year ago.

Auckland and Canterbury/Westland both recorded new high median prices of $637,000 and $401,000 respectively, but despite the record peak values, sales climbed too: transactions were up 19.4 per cent month-on-month in March 2014, although are 10 per cent lower than March 2013.

The trend is not the same across the rest of the country, though, notes REINZ chief executive Helen O’Sullivan.

"The results for March further define the divide between the drivers of the current residential market, Canterbury and Auckland, and the rest of the country," she comments.

"The low levels of stock held by agents in Canterbury and Auckland further suggests that there are not enough homes available to meet the demand from potential buyers. There are also clear signs that the national sales volume trend is easing, continuing the trend that began last November. Only two of 12 regions showed an increase in sales volumes compared to March 2013."