The REINZ has released its house price data for September, which revealed that the median house price nationally jumped by 3.3% to $515,000 to be up by 7% year-on-year and hitting the highest level on record:
According to the REINZ:
…new record median sale prices were seen in Northland ($390,000), Waikato/Bay of Plenty ($458,500), Taranaki ($350,000), Wellington ($480,000), Nelson/Marlborough ($450,000), and Otago ($296,000).
However, the median price in the hotspot of Auckland fell by 2% in September to $825,000, although it was still up by 7% year-on-year:
However, sales volumes have fallen sharply across new Zealand, pulled down by Auckland, suggesting “shrinkflation” is occurring over the pond as well:
Moreover, the decline in sales volumes has been most prevalent at the “affordable” price points, suggesting first home buyers are having an especially difficult time:
