Seasonally adjusted median house prices in the country’s biggest city, Auckland, increased by 21.2% from April 2020 and 2.7% over March.

New Zealand house prices rose further in April, Real Estate Institute of New Zealand (REINZ) data showed on Thursday, but sales dipped over the previous month as lending curbs and government measures to cool the market took effect.

Seasonally adjusted nationwide median house values rose 1.0% from the previous month and 25.6% over the same month last year, according to REINZ.

Seasonally adjusted median house prices in the country’s biggest city, Auckland, increased by 21.2% from April 2020 and 2.7% over March.

“While the national picture represents the busiest April in 5 years, the reality is that we’ve seen the number of sales decrease when compared to March,” Wendy Alexander, acting chief executive of REINZ, said in a statement.

“While in part this is what we expect to happen when moving from March to April, there is definitely a wait and see approach from a number of investors and also some first time buyers.”

New Zealand’s government brought in measures in March targeted at taxing property investors and discouraging speculators after its pandemic-inspired policies fuelled a housing crisis.

Source: Reuters

(The story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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