New Zealand’s average house price was $490,000 in January 2017, a decrease of $26,000 compared with last month but up $42,000 from January 2016.
The number of properties sold was down, with 4,307 sales in January compared to 6,533 sales in December, according to the REINZ.
January house sales were down 15% compared with the same month last year.
REINZ Chief Executive, Bindi Norwell said, “Anecdotal evidence from agents around the country suggests that the market has been picking up speed towards the end of January. The number of properties for sale in Auckland is certainly rising, with more than four months of supply now available and a rise of over a month of supply over the past year. This lead indicator means greater choice for Auckland home buyers, and prompts us to ask whether the Auckland market is showing some early new signs of activity.” She continued, “Market fundamentals remain the same, with a rising population, housing shortage and historically low, although potentially rising, interest rates.”
- House prices have increased by $42,000 from 12 months ago, when New Zealand’s median house price was $448,000.
- The number of properties sold was down with sales of 5,048 in January 2016 compared to 4,307 in January 2017.
- There were 280 dwellings sold by auction nationally in January 2017, representing 7% of all sales and a decrease of 138 on the number sold by auction in January 2016.
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 January 2017||Change Since January 2016|
|Northland||$400,000||up 18 %|
|Auckland Region||$805,000||up 12 %|
|Waikato / Bay of Plenty / Gisborne||$462,000||up 22 %|
|Hawkes Bay||$366,000||up 16 %|
|Manawatu / Wanganui||$265,000||up 21 %|
|Taranaki||$351,000||up 4.8 %|
|Wellington Region||$460,000||up 17 %|
|Nelson / Marlborough||$470,000||up 25 %|
|Canterbury / Westland||$418,000||down 1.6 %|
|Central Otago Lakes||$630,000||up 20 %|
|Otago||$304,000||up 8.6 %|
|Southland||$217,000||up 17 %|
|New Zealand||$490,000||up 9.4 %|