House prices exploded last month, with the Real Estate Institute of New Zealand's national median selling price increasing by $50,000 from January, while Auckland's median price was up $100,000 for the month.
That's an average price increase of $25,000 a week for the country's most expensive housing region.
Residential property sales volumes were also through the roof, hitting a 14 year high for the month of February.
The REINZ said 7964 residential properties were sold throughout the country in February, up 14.6% compared to February last year.
The Auckland market led the charge with 2775 sales in February, up 34.6% year-on-year. That's also the highest sales volumes for the month of February in 14 years.
Nine of the REINZ's 16 sales regions had higher sales than in February last year, including West Coast +58.0%, Taranaki +31.4% and Northland +22.5%.
Seven regions had lower sales in February compared to a year ago, led by Marlborough -24.7%, Hawke's Bay -22.3%, Gisborne -17.9% and Tasman -17.9% (the second interactive chart below shows the sales volume trends in all regions).
"It's highly likely that some of this uplift can be attributed to both investors and owner-occupiers looking to purchase ahead of loan-to-value ratio restrictions coming back into effect in March," REINZ Chief Executive Bindi Norwell said.
Prices also rocketed up , with the national median selling price increasing by $50,000 in February, setting a a new record of $780,000.
Record median prices were also set in 12 of the REINZ's 16 sales regions.
In Auckland the median price increased by $100,000 in February, to set a new record of $1,100,000.
Within the region, new record median prices were also set in North Shore, Waitakere, Central Auckland, Manukau, Papakura and Franklin (the first interactive chart below shows the median price trends in all regions).
Record median prices were also set in Waikato, Bay of Plenty, Gisborne, Hawke's Bay, Manawatu, Wellington, Marlborough, West Coast and Canterbury (see chart below for details).
"It's likely that February's housing data will make very difficult reading for the thousands of renters and first home buyers who are hoping to one day be able to purchase a property," Norwell said.
"Hopefully the re-introduction of LVR's will start to slow down the rate at which price shave been rising and that the market will stabilise in due course," she said.
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