5 Apr 2016

Median Auckland house price soars toward $800k

12:22 pm on 5 April 2016

The median house price in Auckland has reached almost $800,000, up 8 percent in March on the month before, says Barfoot and Thompson.

The latest figures from Auckland's biggest real estate agent reveal that the median price has risen by 12 percent in the past year.

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Auckland house prices rose again in March. Photo: 123rf.com

Managing director Peter Thompson said March was always one of the busiest sales months, and was a good indicator of where prices will sit for the rest of the year.

"In March the average sales price was the third highest on record, within $10,000 the all-time high in November last year, and 5.4 percent higher than last month.

"The median price at $798,000 is the second highest on record, within $2000 of the all-time high in December last year, and up 8.1 percent on February's median price."

The number of sales rose but the number of listings was lower.

"When prices are this strong in March the trend is for prices to hold steady through the year."

Mr Thompson said lack of supply remained the main issue with the number of available listings dropping 6.8 percent on the previous month.

"Although a record number of building permits are being issued, and new homes are springing up everywhere, Auckland is simply not building homes fast enough to keep up with the growing population."

Data obtained by RNZ News from the Auckland Council found that while the rate of price rises has slowed in recent months, the median price of all sales in February was 11 percent higher than a year earlier.

Supply has improved from a low of 3475 consents in 2009, to an annual level of 9500, but this was still short of the 13,500 homes estimated to be needed each year for three decades.