New Zealand, Turkey and Canada have seen the biggest leap in house prices over the past year, according to a new global ranking.
For the first time in five years the housing market in Auckland, New Zealand’s largest urban area, is showing signs that prices are stabilising, and may even be slowing.
The average price in July was $867,681, a fall of 4.5% from the previous month and 2% below the average price for the previous three months, according to the latest data from Barfoot & Thompson.
The trend is not as evident in the median price, which at $840,000 was the same as in June, and 2.1% higher than the median price for the previous three months.
Four regions in New Zealand saw record sale prices in July with the average median value up to $505,000, according to the latest data to be published.
It means that the median sale price increased by $5,000, just $1,000 short of the record median price reached in May 2016, the data from the Real Estate Institute of New Zealand shows.
The Waikato/Bay of Plenty region recorded its eighth record median sale price in nine months, reaching $450,000, up 2.7% on June 2016, while the median price in Auckland reached $825,000, up 0.5%. Northland reached $376,000, up 4.4% and Manawatu/Wanganui reached $265,000, up 6.4%.
Five regions in New Zealand saw median sales prices hit a new record high but overall the median price nationals fell by 1% in June, the latest real estate index shows.
The median sales price now stands at $500,000 with the Waikato/Bay of Plenty region recorded its fifth record median sale price for 2016, reaching $438,000, while the median price in Auckland reaching $821,000.
The data from the Real Estate Institute of New Zealand (REINZ) also shows that Northland recorded a new record median of $360,000, while Otago reached $295,000 and Central Otago Lakes hit $730,050.
New Zealand's median house prices fell a seasonally adjusted 1.0 percent in June versus the previous month but were up 10.5 percent on the year, the Real Estate Institute of New Zealand (REINZ) said on Friday.
Residential and building construction along with infrastructure has reached a new all-time high in New Zealand, reaching $17.8 billion, new figures show.
The building consent data from Statistics New Zealand reveals that 28,387 homes were consented in the past year, the highest number in 11 years, and the 9,434 consented in Auckland is continuing the strong growth over the past four years. The 732 for May is also the highest in 11 years.
The growth in Auckland for the residential construction centre was 26%, a total of $4.3 billion, and is about as fast as a sector can grow, according to Nick Smith, Building and Housing Minister.
Higher Auckland house prices are not flowing through directly into the rental market, with the city’s average weekly rents seeing year on year increases of around 5%.
Rents continue to increase by approximately 5% year on year with the average weekly rent for a three bedroom Auckland home now $514, according to the latest report from Barfoot and Thompson.
Suburb pricing trends continue but Mt Albert, Parnell and Sandringham break the mould with year on year increases of over 11, the data also shows.
New Zealand Prime Minister John Key on Friday urged the central bank to quickly impose curbs on the nation's hot housing market, signaling an urgency to prevent a potential collapse in the real estate market.
A pristine beach in New Zealand bought through a crowdfunding campaign has been handed to its new owners - the public.
Nearly 40,000 people donated almost NZ$2.3m (£1.3m, $1.7m) to buy the Awaroa beach in the Abel Tasman National Park, on the South Island.
Campaigners snubbed a businessman who offered them money in exchange for private access to part of the beach.
New Zealand house prices rose in June, the government property value said on Tuesday, as investors continued to enter the market looking for strong returns.
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