I have been observing the emergence of 2 markets in NZ over the last year or so. Auckland and Christchurch are seeing rising values, and the balance of the country is not. Eastern Suburbs in Auckland had a median residential sale price of $802,500 in October 2011, and it has steadily risen to $900,000 now!
Feilding’s median is at $246,000, and has remained between $244,000 and $253,000 all year.
Palmerston North has hit a 12 month high of $276,000. The low was $261,250.
The national median has climbed steadily from $355,000 in October 2011 to $368,000 now, being heavily influenced by Auckland which accounts for half of the NZ residential market by value.
Levin’s median is $180,000, Pahiatua’s is $127,000, Wanganui’s $167,000, and Rangitikei’s is $158,000. Feilding and Palmerston North are well ahead of our regional neighbours.
NB. All medians are calculated over 3 months and come from REINZ Statistics.
Both Feilding and Palmerston North saw a low volume of sales in September