New high for house prices

Last updated 12:00 15/02/2014

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House prices have reached a record high in the top of the south.

Real Estate Institute figures just released show the median price for the Nelson Marlborough region increased in the year to January by $40,000, which is an 11.8 per cent rise, to the new record of $380,000.

The median price increased across the Nelson region.

In Nelson city, it was up 7.9 per cent to $355,000.

In Richmond the median house price is now $410,000, a 3.3 per cent rise.

In Motueka the price soared 23.5 per cent to $410,000.

The number of houses selling remained steady and the number of days to sell was a little longer.

REINZ Nelson Marlborough spokesman Darryl Marshall said it was a good, steady market. There had been a strong level of inquiries and the next month would see whether those flowed on into sales.

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- © Fairfax NZ News

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