Houses prices across the Southland region are up almost 16% on the same month last year, according to the latest stats. 

The median price hit $400,000 last month compared with $345,000 in May 2020.

But nationally, the median price for residential property has increased by 32.3% in the same period. 

It hit $820k in May 2021, up from $620k the previous May, according to Real Estate Institute of New Zealand figures released this morning. 

Advertisement: Ray White Te Anau

While it wasn't a new record median for New Zealand, it was the highest annual percentage increase in house prices since records began. Five out of 16 regions reached record median prices, as did 18 districts.

REINZ acting CEO Wendy Alexander says: "The Southland region saw median house prices increase 15.9% year-on-year to $400,000 in May 2021. 

"New listings for the region decreased -0.6% from the same time last year, with 179 properties coming to the market in May, bringing the overall inventory for Southland down -35.4% year-on-year. 

"This leaves 272 properties available to prospective purchasers, or 8 weeks of available inventory.

Advertisement: Mee Henry Law

"Investor activity dropped in May with fewer enquiries from this demographic as a result of the recently imposed government legislative changes. 

"First home buyer activity has also eased slightly as more individuals are taking a wait and see approach to see what will happen as a result of the government changes.”

Across Southland Region, which includes Gore, Invercargill and Southland District, there were 164 sales in total, up from 97 the previous May.

The percentage increases for median price varied from place to place.

Advertisement: Mortgage Supply Co.

In Gore District, the median price is up 48.2% on May 2020. 

It reached $370,500 last month across 21 sales, up from $250k in May 2020, when there were 19 sales. 

Gore's median was $315k in April 2021, across 21 sales.

Invercargill City recorded a $402k median for May 2021 across 104 sales, up 14.5% on the previous May, when the median was $351k across 63 sales. 

Invercargill's April median was $421k across 76 sales.  

And Southland District hit a $400k median in May 2021 across 39 sales, up 18% from $339k the previous May, when there were 15 sales. 

Southland District's April median was $385k, across 31 sales.