Financial Wire

New Zealand Housing Market Value Rises in March, Says REINZ

-- New Zealand's nationwide housing market value rose by 0.2% year-on-year in March, with Auckland down 1.2% and areas outside Auckland seeing a modest 1.1% rise, Real Estate Institute of New Zealand (REINZ) said on Thursday.

According to the REINZ House Price Index (HPI), Southland retained the top spot for annual HPI percentage growth over the 12 months, followed by Canterbury and Otago.

Canterbury saw a 3.2% year-on-year increase in median sale prices in March, the seventh-strongest annual return among all regions, indicating a market with relatively "middle of the road" long-term performance.

However, Canterbury's HPI rose 3.7% over the past year, marking the region's second-best annual performance, with REINZ attributing the difference from median prices to changes in the sales mix and noting that the HPI more accurately reflects underlying property values.

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