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Press Release – REINZ
Median prices for residential property across New Zealand increased by 28.7% from $637,000 in June 2020 to $820,000 in June 2021, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.
All regions bar Gisborne/Hawke’s Bay reached new highs on the index. In June, Manawatu/Wanganui had the highest annual growth rate in house price values with a 48.7% increase to a new record index level of 5,049. The first region to cross the 5,000 mark meaning that the value of houses in Manawatu/Wanganui has increased by more than 400% since 2003.
Change expected later this year, but not tomorrow s OCR announcement.
The failure of recent efforts to cool the housing market appear to be setting the scene for an imminent interest rate hike.
The Real Estate Institute of New Zealand said today median
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