House prices continue their upward climb for the third or fourth month in a row.
Yet this is the middle of winter when traditionally house prices and house sales fall.
It looks like there is a mighty catch-up going on, coupled with low interest rates for the foreseeable future and the lack of alternative investment.
House prices hit new median high
The housing market has seen a midwinter pick-up according to two sets of real estate figures, but is not in a boom despite the median house price hitting a new record median price in June.
Keen home buyer interest in Auckland and Christchurch – which together make up about half of national activity – drove the national median price up 3.3 per cent from a year earlier to $372,000, the Real Estate Institute said.
However, REINZ chief executive Helen O’Sullivan cautioned that the apparent strength of the market was still far from reaching the boom years of the mid to late nineties.
“The overall pattern for the rest of New Zealand shows improvement in sales volumes, with prices on the whole steady rather than up,” she said.
There were 6135 unconditional sales in June, a rise of 906 sales compared to last year but a fall of 14.5 per cent from May.