Nelson median house prices hit record high

November was a “very strong month price wise”

Nelson median house prices hit record high

Median house prices in Nelson have risen by 16.6% in just one year – the third biggest jump in the country, according to the Real Estate Institute of New Zealand (REINZ)’s latest report.

The REINZ monthly property report revealed that Nelson’s median house price in November jumped to $610,000 from only $523,000 last November – making it the first time that its median house price reached $600,000.

Bindi Norwell, chief executive officer of REINZ, said the rise coincided with an increase in properties sold in the $750,000 to $999,999 price range.

“Nelson experienced a 6.6 per cent increase in new listings, one of only two regions to see an annual increase,” Norwell said, as reported by Stuff.co.nz.

Read more: Regions have a stable quarter – report

Norwell also pointed out the results of the latest monthly property report hold good news for the combined Te Tauihu region.

“The REINZ House Price Index reached a new high of 2463 in the Nelson/Marlborough/Tasman/West Coast regions, with an annual increase of 8.5 per cent,” she said. “Anecdotally, many auctions are being brought forward with acceptable pre-auction offers, as well as active multiple offers. The market continues to be positive, with busy open homes driven by locals, visitors and expats, which should continue over the next couple of months.”

Meanwhile, the highest jump in median house prices in New Zealand was in Manawatu/Whanganui with a 19% increase. West Coast held second place with a 17.1% increase.

Norwell said November was “a very strong month price wise,” as proven by the national record median price and record-high median prices in 10 regions and 24 territorial authorities.

“This is the highest number of regional records we've seen in a single month since March 2005,” she added.

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