May was a reasonably buoyant month for the residential property market with median prices and the number of sales both rising strongly compared to April, according to the Real Estate Institute of New Zealand.
The national median selling price set a new all time high $506,000 in May, up 3% compared to May and up 10% compared to May last year.
It was the first time the national median price has been above $500,000.
And 9075 homes were sold unconditionally in May, up 5.9% compared to April and up 13.6% compared to May last year.
However the increase in median prices was driven by sales in regions south of the Bombays, with Auckland's median price falling from $812,000 in April to $805,000 in May, a decline of 0.9% for the month.
It was the second month in a row that Auckland's median price has fallen since it hit a record high of $820,000 in March, although it was still up 7.5% compared to May last year (see chart below).
Outside of Auckland record median prices were set in Waikato/Bay of Plenty, Taranaki, Wellington, Canterbury/Westland and Central Otago/Lakes.
The number of sales in Auckland was reasonably strong, with 3189 sales in May, up 13.7% compared to April and up a more modest 1.2% compared to May last year.
Within the Auckland region, median prices declined on the North Shore and in the Central Auckland suburbs, Manukau and Papakura/Pukekohe compared to April, while median prices in Rodney and Waitakere went against the trend and were up compared to April.
Very strong price increases continue to be recorded in the Waikato and Bay of Plenty.
In Hamilton, May's median price of $480,000 was up 4.8% compared to April and up 29.7% compared to May last year, while Tauranga's median price of $550,250 was up 2.4% compared to April and up 33% compared to May last year.
In the Wellington region the median price in May was $465,000 up 2.2% compared to April and up 14.7% on a year earlier.
In Christchurch the median price in May was $455,000, up 1.1% compared to April and up 7.8% for the year.
Click on the link below for the REINZ's full regional reports for May:
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