Property prices in New Zealand have reached a new record high, up on average by $27,000 a year to $562,000, a rise of 5%, and sales also rose, the latest monthly index shows.

Median prices for New Zealand excluding Auckland increased by 5.8% annually to $455,000, up from $430,000. However, Auckland’s median price decreased 1.3% from the same time last year, with May 2018 seeing a price of $852,000, down from $862,800 in May 2017.

The data from the Real Estate Institute of New Zealand (REINZ) also shows that several regions achieved record prices in May. In Northland prices were up 6.7% year on year to $475,000, in Tasman they increased by 16.2% to $612,000 and in Manawatu/Wanganui the record of $305,500 was unchanged from April.

There was strong annual growth in the West Coast of 25.7% to an average of $200,000, the highest price in seven months, while in Otago prices increased by 14.6% to $440,000 and in Hawke’s Bay by 13.2% to $430,000.

Overall, of the 16 regions in New Zealand 13 saw an annual price increase and five of recorded double digit increases. Only three regions, Auckland, Gisborne and Southland, saw a year on year price decrease.

Bindi Norwell, REINZ chief executive, pointed out that the record median price achieved in Tasman has seen the region overtake both Wellington and the Bay of Plenty to become the second most expensive region in New Zealand in just a single month.

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