New Zealand’s median house price was almost 20% higher in October than a year earlier, the Real Estate Institute’s latest data shows, ending expectations of a post-Covid housing market crash.

The national median house price hit a new record high of $725,000 (£378,000) last month, while 10 regions also saw record median prices. While Gisborne turned in a 34% year-on-year increase, which took its median price to $570,000 (£297,000) in October, it was Auckland’s growth that was the showstopper.

The median property price in Auckland has increased by 16.3% in the past year, from $860,000 to $1m (£521,000), a new record high.

Real Estate Institute chief executive Bindi Norwell said Auckland hitting the $1m median price mark meant October 2020 would go down in ‘housing history’. She added: “It’s something no one anticipated or expected just six months after the entire country came out of lockdown.”

Norwell said the fact that 10 regions and 28 districts around the country saw house prices reach new record medians showed the impact of a range of factors on the market. “Low interest and mortgage rates, the diversion of spend on overseas travel to property, expats returning home and a fiercely competitive market due to the lack of listings, have been contributing to price rises over the past few months.”