Average NZ House Price Remains Steady

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New Zealand’s average house price was $515,000 in October, a decrease of $5,000 compared with last month but up $50,000 from October 2015.

The number of properties sold was up, with 7,838 sales in October compared to 7,397 sales in September, according to the REINZ.

October house sales were down 14% compared with the same month last year.

REINZ spokesperson, Bryan Thomson said, “There is some evidence that the normal spring ‘bounce’ in the number of listings has so far been quite weak this year. One possible reason for this is that the revised rules could be making it harder for people to know whether to sell, as they wonder if there are buyers about, so they hold their properties back from the market. This could have the result that we’re seeing, which is that supply falls but the demand is still there, so prices keep rising.”

  • House prices have increased by $50,000 from 12 months ago, when New Zealand’s median house price was $460,000.
  • The number of properties sold was down with sales of 8,174 in October 2015 compared to 6,727 in October 2016.
  • There were 1,475 dwellings sold by auction nationally in October 2016, representing 22% of all sales and a decrease of 436 on the number sold by auction in October 2015.

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

RegionMedian Price October 2016Change Since October 2015
Northland$399,000up 11 %
Auckland Region$868,000up 16 %
Waikato / Bay of Plenty / Gisborne$460,750up 21 %
Hawkes Bay$322,250up 5.8 %
Manawatu / Wanganui$262,250up 4.9 %
Taranaki$307,000down 1.9 %
Wellington Region$477,000up 12 %
Nelson / Marlborough$430,000up 10 %
Canterbury / Westland$425,000up 1.2 %
Central Otago Lakes$659,000up 42 %
Otago$295,000up 9.3 %
Southland$225,000up 7.7 %
New Zealand$510,000up 10.9 %
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Average NZ House Price reaches $515,000

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New Zealand’s average house price was $515,000 in September, an increase of $22,000 compared with last month and up $30,350 from September 2015.

The number of properties sold was down, with 7,397 sales in September compared to 7,527 sales in August, according to the REINZ.

September house sales were down 10% compared with the same month last year.

REINZ spokesperson, Bryan Thomson said, “The real estate market in New Zealand appears to be in something of a two-speed mode at present, with Auckland pausing for breath during a wet school holiday period and ahead of likely new spring growth. We are also seeing anecdotal evidence that first home buyers in Auckland are now favouring new builds as a way of getting finance in light of the new LVR restrictions and the ‘carve out’ for new home construction. Meanwhile, across the rest of the country prices continue to rise, still demonstrating strong price and volume growth.”

  • House prices have increased by $30,350 from 12 months ago, when New Zealand’s median house price was $484,650.
  • The number of properties sold was down with sales of 8,174 in September 2015 compared to 7,397 in September 2016.
  • There were 1,769 dwellings sold by auction nationally in September 2016, representing 24% of all sales and a decrease of 541 on the number sold by auction in September 2015.

On an annual basis, all of the country’s twelve regions saw a rise in price.

Annual New Zealand House Price Changes

RegionMedian Price September 2016Change Since September 2015
Northland$390,000up 15 %
Auckland Region$825,000up 7.0 %
Waikato / Bay of Plenty / Gisborne$458,500up 18 %
Hawkes Bay$320,000up 15 %
Manawatu / Wanganui$256,600up 6.9 %
Taranaki$350,000up 15 %
Wellington Region$480,000up 16 %
Nelson / Marlborough$450,000up 22 %
Canterbury / Westland$434,250up 3.4 %
Central Otago Lakes$694,500up 41 %
Otago$296,000up 5.7 %
Southland$200,000up 0.3 %
New Zealand$515,000up 6.3 %
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Average House Price Up Almost Six Percent Over 12 Months

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New Zealand’s average house price was $492,000 in August, a decrease of $13,000 compared with last month but up $27,000 from August 2015.

The number of properties sold was up, with 7,527 sales in August compared to 7,299 sales in July, according to the REINZ.

August house sales were down 3% compared with the same month last year.

REINZ spokesperson, Bryan Thomson said, “The underlying trends indicate that the struggle for stock is the single biggest factor driving market behaviour and price expectations across the country, as we await Spring listings.”

  • House prices have increased by $27,000 from 12 months ago, when New Zealand’s median house price was $465,000.
  • The number of properties sold was down with sales of 7,766 in August 2015 compared to 7,527 in August 2016.
  • There were 1,799 dwellings sold by auction nationally in August 2016, representing 24% of all sales and a decrease of 117 on the number sold by auction in August 2015.

On an annual basis, all of the country’s twelve regions saw a rise in price.

Annual New Zealand House Price Changes

RegionMedian Price August 2016Change Since August 2015
Northland$362,000up 12 %
Auckland Region$842,500up 14 %
Waikato / Bay of Plenty / Gisborne$435,000up 23 %
Hawkes Bay$320,000up 12 %
Manawatu / Wanganui$246,500up 15 %
Taranaki$310,000up 8.8 %
Wellington Region$461,000up 14.5 %
Nelson / Marlborough$430,000up 12 %
Canterbury / Westland$420,000up 1.9 %
Central Otago Lakes$650,000up 40 %
Otago$285,000up 4.6 %
Southland$209,000up 11 %
New Zealand$492,000up 5.8 %
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Average House Price In July Reaches $505,000.

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New Zealand’s average house price was $505,000 in July, an increase of $5,000 compared with last month and up $40,000 from July 2015.

The number of properties sold was down, with 7,299 sales in July compared to 7,864 sales in June, according to the REINZ.

July house sales were down 10% compared with the same month last year.

REINZ spokesperson, Bryan Thomson said, “Prices continue to rise in many regions, showing that demand is still frim. Sales volumes remain below previous periods, as the continued shortage of supply impacts buyers, who are struggling to find properties to buy.”

  • House prices have increased by $40,000 from 12 months ago, when New Zealand’s median house price was $465,000.
  • The number of properties sold was down with sales of 8,121 in July 2015 compared to 7,299 in July 2016.
  • There were 1,674 dwellings sold by auction nationally in July 2016, representing 23% of all sales and a decrease of 221 on the number sold by auction in July 2015.

On an annual basis, all of the country’s twelve regions saw a rise in price.

Annual New Zealand House Price Changes

RegionMedian Price July 2016Change Since July 2015
Northland$376,000up 16 %
Auckland Region$825,500up 12 %
Waikato / Bay of Plenty / Gisborne$450,000up 26 %
Hawkes Bay$310,000up 6.2 %
Manawatu / Wanganui$265,000up 16 %
Taranaki$320,000up 8.7 %
Wellington Region$450,000up 14 %
Nelson / Marlborough$401,500up 7.1 %
Canterbury / Westland$425,000up 2.4 %
Central Otago Lakes$660,000up 32 %
Otago$280,000up 4.9 %
Southland$208,500up 5.4 %
New Zealand$505,000up 8.6 %
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Average House Price In June Reaches $500,000.

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New Zealand’s average house price was $500,000 in June, a decrease of $6,000 compared with last month but up $50,000 from June 2015.

The number of properties sold was down, with 7,864 sales in June compared to 9,075 sales in May, according to the REINZ.

June house sales were up 6% compared with the same month last year.

REINZ spokesperson, Bryan Thomson said, “Although the onset of winter means that June is generally a quieter month for the real estate market, there has been no let-up in the rate of price increases across the country, with five regions recording new record median prices.”

  • House prices have increased by $50,000 from 12 months ago, when New Zealand’s median house price was $450,000.
  • The number of properties sold was up with sales of 7,426 in June 2015 compared to 7,864 in June 2016.
  • There were 1,916 dwellings sold by auction nationally in June 2016, representing 24% of all sales and an increase of 306 on the number sold by auction in June 2015.

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

RegionMedian Price June 2016Change Since June 2015
Northland$360,000up 14 %
Auckland Region$821,000up 8.7 %
Waikato / Bay of Plenty / Gisborne$438,000up 26 %
Hawkes Bay$315,000up 12.5 %
Manawatu / Wanganui$249,000up 7.7 %
Taranaki$315,000up 3.9 %
Wellington Region$455,000up 17 %
Nelson / Marlborough$405,000up 16 %
Canterbury / Westland$425,000up 1.7 %
Central Otago Lakes$730,000up 42 %
Otago$295,000up 19 %
Southland$189,000down 7.8 %
New Zealand$500,000up 11.1 %
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Average NZ House Price In May Reaches $506,000

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New Zealand’s average house price was $506,000 in May, an increase of $16,000 compared with last month and up $46,000 from May 2015.

The number of properties sold was up, with 9,075 sales in May compared to 8,568 sales in April, according to the REINZ.

May house sales were up 14% compared with the same month last year.

REINZ spokesperson, Bryan Thomson said, “May marked the first time the national house price breached the $500,000 mark. As 2016 progresses we are seeing regional markets such as Waikato/Bay of Plenty, Central Otago lakes, Northland and Hawkes Bay strengthening in both price and sales volume, while the large main centre markets of Auckland and Canterbury are taking a back seat.”

  • House prices have increased by $46,000 from 12 months ago, when New Zealand’s median house price was $460,000.
  • The number of properties sold was up with sales of 7,989 in May 2015 compared to 9,075 in May 2016.
  • There were 1,956 dwellings sold by auction nationally in May 2016, representing 22% of all sales and an increase of 201 on the number sold by auction in May 2015.

On an annual basis, all of the country’s twelve regions saw a rise in price.

Annual New Zealand House Price Changes

RegionMedian Price May 2016Change Since May 2015
Northland$350,750up 5.5 %
Auckland Region$805,000up 7.5 %
Waikato / Bay of Plenty / Gisborne$419,000up 20 %
Hawkes Bay$310,000up 6.9 %
Manawatu / Wanganui$238,000up 7.6 %
Taranaki$343,250up 17 %
Wellington Region$465,000up 15 %
Nelson / Marlborough$395,000up 9.3 %
Canterbury / Westland$435,500up 8.9 %
Central Otago Lakes$707,250up 40 %
Otago$281,000up 5.0 %
Southland$210,000up 2.4 %
New Zealand$506,000up 10.0 %
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Average NZ House Price In April Is $490,000.

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New Zealand’s average house price was $490,000 in April, a decrease of $5,000 compared with last month but up $35,000 from April 2015.

The number of properties sold was down, with 8,568 sales in April compared to 9,527 sales in March, according to the REINZ.

April house sales were up 18% compared with the same month last year.

REINZ Chief Executive Colleen Milne said, “The April data confirms the continued strength of the real estate market right across new Zealand, driven by a chronic lack of supply. Anecdotal evidence suggests that investors outside of Auckland are increasingly looking to real estate investments to improve their yields compared to bank deposits.”

  • House prices have increased by $35,000 from 12 months ago, when New Zealand’s median house price was $455,000.
  • The number of properties sold was up with sales of 7,234 in April 2015 compared to 8,568 in April 2016.
  • There were 1,814 dwellings sold by auction nationally in April 2016, representing 21.2% of all sales and an increase of 276 on the number sold by auction in April 2015.

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

RegionMedian Price April 2016Change Since April 2015
Northland$355,000up 2.4 %
Auckland Region$812,000up 13 %
Waikato / Bay of Plenty / Gisborne$417,000up 19 %
Hawkes Bay$325,250up 6.6 %
Manawatu / Wanganui$239,000up 7.7 %
Taranaki$342,500up 15 %
Wellington Region$455,000up 11 %
Nelson / Marlborough$392,000up 10 %
Canterbury / Westland$427,250up 0.5 %
Central Otago Lakes$666,250up 25 %
Otago$284,000up 9.2 %
Southland$195,000down 2.5 %
New Zealand$490,000up 7.7 %
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Average NZ House Price In March At $495,000

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New Zealand’s average house price was $495,000 in March, an increase of $45,000 compared with last month and up $20,000 from March 2015.

The number of properties sold was up, with 9,527 sales in March compared to 7,291 sales in February, according to the REINZ.

March house sales were up 8% compared with the same month last year.

REINZ Chief Executive Colleen Milne said, “We have talked before about the Halo Effect, which is gaining in strength. Right across the country regional markets have been strong with a large number of record medians and the strongest sales for nine years for most regions…”

  • House prices have increased by $20,000 from 12 months ago, when New Zealand’s median house price was $475,000.
  • The number of properties sold was up with sales of 8,803 in March 2015 compared to 9,527 in March 2016.
  • There were 2,354 dwellings sold by auction nationally in March 2016, representing 24.7% of all sales and an increase of 87 on the number sold by auction in March 2015.

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

RegionMedian Price March 2016Change Since March 2015
Northland$350,000up 9.2 %
Auckland Region$820,000up 14 %
Waikato / Bay of Plenty / Gisborne$415,000up 22 %
Hawkes Bay$310,500up 13 %
Manawatu / Wanganui$233,000up 3.1 %
Taranaki$315,000down 2.2 %
Wellington Region$459,000up 9.0 %
Nelson / Marlborough$412,500up 15 %
Canterbury / Westland$425,000up 2.4 %
Central Otago Lakes$702,000up 27 %
Otago$280,000up 8.0 %
Southland$210,000up 14 %
New Zealand$495,000up 4.2 %
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Average House Price Falls in October

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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

RegionMedian Price October 2015Change Since October 2014
Northland$360,000up 18 %
Auckland Region$748,000up 17 %
Waikato / Bay of Plenty / Gisborne$380,000up 11 %
Hawkes Bay$305,000up 5.0 %
Manawatu / Wanganui$250,000up 5.7 %
Taranaki$313,000up 12 %
Wellington Region$428,000up 4.9 %
Nelson / Marlborough$390,000up 8.0 %
Canterbury / Westland$420,000up 1.9 %
Central Otago Lakes$465,000down 7.0 %
Otago$270,000up 11 %
Southland$209,000up 9.1 %
New Zealand$460,000up 7.0 %
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Strong Auckland House Sales Continue

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New Zealand’s average house price was $484,650 in September, an increase of $19,650 compared with last month and up $64,650 from September 2014.

The number of properties sold was up, with 8,174 sales in September compared to 7,766 sales in August, according to the REINZ.

September house sales were up 38% compared with the same month last year.

REINZ Chief Executive, Colleen Milne said, “There is continued evidence of Auckland investors and first home buyers spreading to other regions causing a ‘halo’ effect, most notably in Northland and Waikato/Bay of plenty. These regions have recorded very strong sales growth so far during 2015, and this is now starting to be seen in the median price data.”

  • House prices have increased by $64,650 from 12 months ago, when New Zealand’s median house price was $420,000.
  • The number of properties sold was up with sales of 5,911 in September 2014 compared to 8,174 in September 2015.
  • There were 2,311 dwellings sold by auction nationally in September, representing 28.3% of all sales and an increase of 1,239 on the number sold by auction in September 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

RegionMedian Price September 2015Change since September 2014
Northland$338,000up 4.4 %
Auckland Region$771,000up 25 %
Waikato / Bay of Plenty / Gisborne$390,000up 10.5 %
Hawkes Bay$279,000up 7.9 %
Manawatu / Wanganui$240,000up 9.1 %
Taranaki$305,000down 3.9 %
Wellington Region$413,000up 3.3 %
Nelson / Marlborough$370,000up 6.4 %
Canterbury / Westland$420,000up 1.7 %
Central Otago Lakes$493,000up 2.8 %
Otago$280,000up 12 %
Southland$188,000up 1.0 %
New Zealand$484,650up 5.3 %
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