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April 15, 2021, 1:14 a.m. EDT

New Zealand house prices hit new record high

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By Stephen Wright

WELLINGTON, New Zealand--House prices in New Zealand rose by nearly 25% in March to a new record high as low interest rates and tight supply fueled the blistering rate of increase.

The national median sales price was 826,300 New Zealand dollars ($590,000) in March, up 24.3% from a year earlier, the Real Estate Institute said Thursday.

The number of houses sold increased by more than 31% from a year earlier and the proportion of auctions as the method of sale was the highest ever.

Prices increases are expected to cool in coming months after the central bank reimposed loan-to-value restrictions and the government in late March removed tax advantages for property investors.

Write to Stephen Wright at stephen.wright@wsj.com

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