New Zealand’s average house price was $460,000 in October, a decrease of $24,650 compared with last month but up $30,000 from October 2014.
The number of properties sold was down, with 7,838 sales in October compared to 8,174 sales in September, according to the REINZ.
October house sales were up 19% compared with the same month last year.
REINZ Chief Executive, Colleen Milne said, “The drop of the number of sales in Auckland in October is the result of a softening demand over the past few months and the new IRD and bank account rules introduced at the start of October. However, the fundamental supply and demand drivers of the Auckland market remain in place, and the result for October is indicative of the market adjustment phase as it adapts to these new requirements.”
- House prices have increased by $30,000 from 12 months ago, when New Zealand’s median house price was $430,000.
- The number of properties sold was up with sales of 6,608 in October 2014 compared to 7,838 in October 2015.
- There were 1,912 dwellings sold by auction nationally in October, representing 24.4% of all sales and an increase of 543 on the number sold by auction in October 2014.
On an annual basis, eleven of the country’s twelve regions saw a rise in price and one saw a fall.
Annual New Zealand House Price Changes
| Region | Median Price October 2015 | Change Since October 2014 |
|---|---|---|
| Northland | $360,000 | up 18 % |
| Auckland Region | $748,000 | up 17 % |
| Waikato / Bay of Plenty / Gisborne | $380,000 | up 11 % |
| Hawkes Bay | $305,000 | up 5.0 % |
| Manawatu / Wanganui | $250,000 | up 5.7 % |
| Taranaki | $313,000 | up 12 % |
| Wellington Region | $428,000 | up 4.9 % |
| Nelson / Marlborough | $390,000 | up 8.0 % |
| Canterbury / Westland | $420,000 | up 1.9 % |
| Central Otago Lakes | $465,000 | down 7.0 % |
| Otago | $270,000 | up 11 % |
| Southland | $209,000 | up 9.1 % |
| New Zealand | $460,000 | up 7.0 % |
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