Lack of listings push houses prices past $500,000 markJOHN NICHOLSON/FAIRFAX NZ Wellington house prices have soared 15 per cent in the last year. REINZ's Wellington region director Euon Murrell said Wellington prices in the last three months were simply reflecting lack of supply. Five regions touched new price highs in May and the Auckland market held firm, as the housing market's heat spread down the country. The median house price in New Zealand has surpassed the half a million mark for the first time, hitting $506,000 in May - a 10 per cent increase in just 12 months. One of the standouts was Wellington, where the median house price is up 15 per cent for the year, a record high of $465,000.

Source: Stuff June 14, 2016 21:35 UTC