Housing prices rising in Wellington, Auckland and Christchurch

Housing prices rising in Wellington, Auckland and ChristchurchAccording to the latest figures, the housing prices have increased in Wellington, Auckland and Christchurch areas of New Zealand.

The Real Estate Institute's Housing Price Index that was published yesterday showed that the housing prices rose 3.3 per cent in Wellington in October. The index for Wellington increased 3.5 per cent in the previous year. The median price in the Wellington region rose to $403,000 in October.

Auckland topped the nation in the housing market as Housing Price Index rose 5.3 per cent in October and it increased 14.4 per cent in the year. The median price in Auckland is now a record $530,000. Experts say that the buoyant Auckland market is now boosting sales in other regions after it recorded high sales in the previous month.

On the national level, the prices increased 1.5 per cent during the month and 6.9 per cent during the entire year. The Housing Price Index includes average prices across groups of homes and is thus seen as a more accurate index of housing prices. The index has been developed in association with the Reserve Bank of the country.

Reinz figures show the national median price hit a new record in October of $380,000, up 5.8 per cent on a year ago.

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