Key Facts

  • According to the latest REINZ housing market data, the New Zealand housing market is experiencing momentum and is likely to continue.
  • In April 2021, there was a 36.6% increase in the number of residential properties sold compared to April 2020.
  • The national median house price rose by 24.3% year-on-year to reach a record high of $820,000 in April 2021.
  • Regions such as Taranaki, Gisborne, Manawatu/Wanganui, and Northland saw the biggest increase in median house prices.
  • The housing market’s strong performance has been attributed to a combination of factors, including low interest rates, lack of supply, and strong demand.

Article Summary

The latest data from the Real Estate Institute of New Zealand (REINZ) indicates that the housing market in New Zealand is gaining momentum and is likely to continue. In April 2021, there was a significant increase of 36.6% in residential properties sold compared to the same period last year. Additionally, the national median house price reached a record high of $820,000, representing a 24.3% year-on-year increase.

Several regions experienced substantial growth in median house prices, with Taranaki, Gisborne, Manawatu/Wanganui, and Northland leading the way. Experts attribute the market’s robust performance to a combination of factors, including historically low interest rates, limited housing supply, and strong demand.

The ongoing momentum in the housing market suggests that both buyers and sellers can expect favorable conditions, although the affordability challenge may persist for some. It remains to be seen how the market will evolve in the coming months and whether any measures will be taken to address housing affordability concerns.

To read the full article, go to: https://www.interest.co.nz/property/124295/latest-reinz-housing-market-data-suggest-momentum-building-and-likely-continue