12 Dec 2013

House prices set new record

2:50 pm on 12 December 2013

House prices hit a fresh record in November, although the number of sales was relatively soft - possibly indicating the impact of the Reserve Bank's restrictions on lending to people with small deposits.

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Photo: RNZ

The Real Estate Institute's national index of house prices rose 1.2% in October from November, and is 9.6% higher than in November last year.

The national median house price was up 4.3% from October at $425,000.

There were 6961 houses sold in November. That was more than the 6778 sold in October, but it was down 6.6% compared with the 7454 sold in November last year.