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AUCKLAND residential sale prices have been rising at their fastest rate in almost 10 years.
According to the latest Real Estate Institute of New Zealand (REINZ) statistics, Auckland sale prices have grown by 15.1 per cent ($39,000) over the last 12 months, with median sate prices currently sitting at a record level of $298,000.
Real Estate Institute National President Graeme Woodley commented that the growth in Auckland's median sales prices has been driven not only by economic factors but also by population and immigration movements.
Other regions in New Zealand have also experienced significant residential sale price increases.
These include:
* Nelson /Marlborough: REINZ statistics indicate that Nelson house prices have increased by 36 per cent over the last 12 months, making it the fastest growing region in the country. The median house price has dropped to $212,500 from $219,000 in June, but is well up on the prior year's median price of $156,000.
* Hawke's Bay: House prices have risen significantly by 14.5 per cent over the last 12 months, from $138,000 in July 2002 to $158,000.
The latest data for sales for higher value Auckland homes shows hat the Auckland top 15 per cent residential market has picked up most of the sates activity that was lost in the previous quarter.
The latest quarter recorded 914 sales of dwellings in the Top 15 per cent (represented by all sales over $508,000), up on the 739 sales recorded in the previous January quarter, according to the latest Real Estate Institute of New Zealand (REINZ) statistics.
The median sale price for Top 15 per cent dwellings was up to a record level of $660,000, an increase of $5,000 over the January 2003 result of $655,000.