Auckland's stranglehold and skewing of the country's housing market data was reflected in the number of its $1million-plus homes sold in May, up 120% from a year ago.
There were 384 homes sold in the wider Auckland area in May last year, and 843 this May; with The New Zealand Herald reporting the central suburb of Herne Bay had become the first in the country to have an average price of more than $2million.
While Auckland's May median prices rose almost 20% to $749,000, the Central Otago Lakes region was up just 1.3%, but within that area, prices rose in Central by 27% on a year ago to $437,500 and Queenstown's median was up by 15%, to $687,500.
Sales in Queenstown rose from 48 a year ago to 60, including 10 in the above-$1million range, of which two in Kelvin Heights were respectively $3million and $4.8million.
ASB senior economist Chris Tennent-Brown said Auckland sales accounted for 39% of total activity, and it was still the Auckland region showing the greatest house price gains.
''Low interest rates are likely to have the predictable impact of stimulating housing markets around the country now,'' Mr Tennent-Brown said.
Nationally, the number of houses over $1million rose 96%, from 475 sales a year ago to 935 in May.
Across the rest of Otago, median prices rose 12.5% to $267,500; Dunedin up 5.2% to $284,163, North Otago up 6.5% at $228,000 and South Otago up 1.1% to $115,000.
REINZ regional director Liz Nidd said the trend around Otago was an easing in the median price.
There was more market activity with first-home buyers and investors, but due to the expected winter lull, listing numbers were ''tight''.
REINZ chief executive Colleen Milne said while Auckland's prices ''continued to dominate'' the market, if its contribution was stripped out the national median price was up 2.6%, or $9000, at $349,000 compared with May 2014.
The national median price, including Auckland, was $460,000, up $30,000 on May last year.
Queenstown REINZ spokesman Kelvin Collins said May was the fourth consecutive month where there had been more than $50million of monthly sales, similar to levels last seen before the global financial crisis, in 2007-08.
Demand had continued for family homes, in the $800,000-$900,000 range, plus increased demand for central Queenstown holiday homes, he said.
