The median price of residential properties rose 7 percent in the year to the end of May, driven by a 20 percent increase in Auckland prices, the Real Estate Institute says.
House price rises in Auckland have outpaced the rest of the country. Photo: 123RF
The national median price was up $30,000 to $460,000, while prices rose $124,000 to $749,000 in Auckland, compared with the previous period.
The number of $1 million sales in Auckland more than doubled to 843, up from 384 last year.
Real Estate Institute chief executive Colleen Milne said Auckland was unlikely to settle down, with the number of houses for sale there remaining low and auction sales continuing at near record levels.
"With today's lowering of the OCR, which will then obviously result in lowering interest rates, I anticipate we're going to see more climbs in the house prices across Auckland."
Auckland had led the way but prices and sales also picked up in some other regions, she said.
The Reserve Bank and the Government are bringing in new lending restrictions and tighter tax rules on residential property investors to try to cool the Auckland housing market.