House prices in new zealand up $15,000

House prices in New Zealand have risen $15,000 in the past year, according to the Real Institute of New Zealand.

There were 6,898 property sales in February 2015, up 12.6 per cent on February 2014 and up 42.5 per cent compared to January. This is the highest February sales level since 2007.

The national median price also climbed to $430,000, an increase of $15,000 or 3.6 per cent compared to February 2014 and an increase of $4,000 or 0.9 per cent from January.

Despite the overall rise, though, Auckland recorded the largest percentage increase in median price by some distance - up 14 per cent year-on-year - followed by Central Otago Lakes (12 per cent) and Otago (6.8 per cent). Compared to January, Otago recorded the largest percentage increase in median price, at 7 per cent, followed by Manawatu at 5.5 per cent and Nelson/Marlborough at 3.4 per cent.

REINZ Chief Executive Colleen Milne says: "The surge in sales volumes in February compared to January was a little stronger than is normal, but this partly reflects a catch up after there were fewer sales than expected in January.

"The data also shows that there has been no increase in the median price for New Zealand, excluding Auckland, between February last year and February just gone. This underlines again the view that there are two distinct real estate markets in New Zealand – Auckland and the rest of the country. While politicians and policy makers focus on solutions to the Auckland region’s housing supply problems, they will also be right to reflect on the need to ensure that any national application of new policies doesn’t have an adverse effect on the rest of the country."