House prices rose a quarter last month over the year before, with a shortage of inventory keeping prices up.
The national median price rose a seasonally adjusted 25 percent in the year to May, REINZ figures show.
Photo: 123rf
The Real Estate Institute of New Zealand (REINZ) house price index, which measures the changing value of property in the market, increased nearly 30 percent year-on-year to a new high.
The national median price rose a seasonally adjusted 25 percent to $820,000 from $620,000 in May 2020. Median prices haven t significantly eased yet as many had hoped would be the case, and things are certainly not getting any more affordable for first time buyers, REINZ acting chief executive Wendy Alexander said.
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