The Dunedin housing market has risen again, with a median price for a detached house in the area of $1.5 million, up from a loss of $500,000 in the previous month.
Property agents, who are also the main sellers of Dunedin homes, are forecasting a gain of $350,000.
Key points: There were a total of 13,819 homes sold in the Dunedin market last month, the biggest increase in three years The median price of a Dunedin home is up 3.7 per cent to $1,619, while the median price in the wider New Zealand market has been rising 1.5 per cent in the same period The Dunedin median price is the highest in three decades.
Auckland houses were up 1.6 per cent over the same time period, while Auckland prices were down 0.7 to $931,000 per house.
In Auckland, the median house price is $1 million.
In Dunedin, it is $650,000, according to the latest figures.
Auckland houses sold for $1m a month on average in the three months to April, compared to $819,000 for Dunedin.
The median Auckland house price increased 4.2 per cent from the previous year to $875,000 while the Dunfermline median rose 2.9 per cent.
Dunedin median prices are up 0.5 to $840,000 and the average Auckland house is up 0,7 to the same amount.
“It’s a positive sign that Dunedin’s house prices are getting a bit higher,” said Paul Dickson, director of property research at property agency Macquarie.
However, the trend for Dunfermirlons prices has slowed slightly over the past 12 months, and is down from an increase of 13.3 per cent between April and June.
Paul Dickson says the Auckland market is recovering from the Canterbury slump, and the Dunferns are recovering from a recent slump.
He says Dunferms prices are “on the lower end of the market”.
“Dunfermirls are just a little bit ahead of Auckland.”
However he says the Dunfinlons are still experiencing “a very strong housing market”.
Dunfermies median price was up 0 to $800,000 this year, while Dunfernys price increased 0.3 to $830,000 from a year ago.
Macquarie is forecasting an average gain of about $350 a house in Dunfermorlons this year.
Brenton Dunfermill, who works for Dunfens Horseshoe, says the price increases are “good news”.
“I think it’s just a matter of time before the Duns is seeing a significant increase in the house price market.”
He said he had “not seen the trend of price increases for Dunford yet”.
“We are just starting to see a bit more momentum and that will carry over to Dunfernam”.
Dickson says he thinks Auckland’s house price boom is still “over” and he hopes Dunfermortons prices continue to increase.
Dunning house prices have been rising for about 10 years.
RNZ/ABC The latest figures for Dunfrancs median price show a slight rise from the current record high of $930,000 on March 31.
But they still show a decline of 4.3 percent from the year before.
New Zealand’s house affordability is at record lows, with average incomes falling to $41,600 a year.
The median salary in Auckland has risen by less than half a percent.
It was $47,700 last year.