Median prices nationally rose 22.8 per cent from $635,000 last February to $780,000 last month. Photo: RNZ / Nate McKinnonHouse prices have set new records and February was the busiest in 14 years, with 7964 properties sold as investors rushed to beat the new Reserve Bank lending restrictions. Bindi Norwell, Real Estate Institute chief executive, said the market was setting "an unrelenting pace" because in February last year, just 6951 properties were sold. This number, combined with the level of homes in the sales pipeline, will contribute to March likely being a strong sales month." The market would slow in time because mortgage rates will rise and the shortage of housing is being rapidly reduced.

Source: Otago Daily Times March 10, 2021 20:37 UTC