Wellington, Dec 13 (IANS): New Zealand property prices have hit record high in November, as the market has returned to near-usual business amid the Covid-19 pandemic, according to the latest real estate data released on Monday.

Median prices for residential property across New Zealand increased by 23.8 per cent year-on-year to NZ$925,000 ($628,630) last month, hitting a new record high, Xinhua news agency quoted the data from the Real Estate Institute of New Zealand.

The median property price in Auckland increased 26.2 per cent annually to NZ$1,300,000, another record median.

There was a monthly increase in median prices of 3.7 per cent across New Zealand and 3.2 per cent for New Zealand excluding Auckland.

Jen Baird, CEO of the Real Estate Institute of New Zealand, said: "Government measures to moderate the New Zealand property market, the Reserve Bank's interest rate increases and growing challenges around financing as banks tighten their lending criteria are aligning."

He added that the growth trend will continue with a more moderate trajectory given the strength of the market.

New Zealand's house prices hit new record highs amid the pandemic, while low interest rates boosted demand for housing and credit.

As the housing demand kept high, the supply touched low.

In some regions, inventory levels were at their lowest point ever.

New Zealand has moved into a simplified Covid-19 protection framework, or "traffic light" system, which has three levels: green, orange and red.

The largest city Auckland and parts of the North Island are at red settings, while the rest of the country is at orange settings.