New zealand house prices climb to new record high

House prices in New Zealand have climbed to a new record high, according to the Real Estate Institute of New Zealand.

The group's latest research shows that the national median home price in the country rose $2,000 in December 2013 from November to reach $427,000, the highest on record so far.

Despite the surge in values, though, sales dipped 1.1 per cent year-on-year and 18.3 per cent month-on-month.

"The softer trend in sales noted in November 2013 continued into December. The shorter selling month in December means that a drop from November sales volumes is a normal part of the seasonal pattern," REINZ chief executive Helen O’Sullivan told the New Zealand Herald.

"However, the 10 year average fall is 13.6%, while this year sales volumes have declined 18.3% from November. While a small number of regions bucked the trend, other parts of the country recorded significantly greater falls in volume than the national figure."