The Real Estate Institute's latest report shows the national house price index rose 3.5 percent last month on a year earlier. Photo: RNZ / Richard Tindiller
Housing activity remains mixed with price growth in the regions outpacing most main centres, while sales are flat.
The Real Estate Institute's latest report shows the national house price index rose 3.5 percent last month on a year earlier, compared with a near 4 percent growth rate in October.
House prices touched record levels in six regions, led by Wellington which had double digit growth, while prices fell marginally in Auckland and Canterbury.
"We've seen record median prices set for New Zealand driven by extremely strong growth in some of the regions where demand for good properties continues to outstrip supply," REINZ chief executive Bindi Norwell said.
The national median house price rose 6.5 percent to a record $575,000, although the Auckland median price fell more than 1 percent.
In the regions, Northland, Waikato, Hawke's Bay, Tasman, and Southland all posted record high medians.
Ms Norwell said record median prices were an early Christmas present for house sellers, but first home buyers were still struggling to get into the property market.
REINZ chief executive Bindi Norwell says record median house prices have been set for New Zealand, driven by strong growth in some regions where demand continues to outstrip supply. Photo: supplied
"However, with the likes of KiwiBuild and models such as BNZ's shared ownership scheme there is some light at the end of the tunnel for those first home buyers feeling locked out of the property market," she said.
The number of houses sold during the month was flat on a year ago, as was the stock of houses available to be sold.
The Reserve Bank last month said it would relax lending limits on low-deposit loans - loan to value ratios - from the start of next year.
Ms Norwell said that would help first home buyers a little bit more.