Smaller regional areas had “extraordinary” levels of price growth in 2020, new Real Estate Institute analysis shows – and that’s causing concern. Real Estate Institute chief executive Bindi Norwel said the Wairoa District experienced an “extraordinary” level of median price growth last year, with house prices increasing by $104,750 in just 12 months. The sort of price growth levels shown in the data were levels expected over a number of years, not just a number of months, she said. Kim Webby Wairoa District in Hawke’s Bay saw an “extraordinary” level of median price growth in 2020. But Norwell said the huge price growth seen in smaller areas was an indication of just how much pressure has been placed on house prices in the regions – and, in turn, on those wanting to enter the market.

Source: Stuff February 04, 2021 23:48 UTC