New Zealand’s average house price was $516,000 in December, an increase of $1,000 compared with last month and up $51,000 from December 2015.
The number of properties sold was down, with 6,533 sales in December compared to 7,576 sales in November, according to the REINZ.
December house sales were down 11% compared with the same month last year.
REINZ Chief Executive, Bindi Norwell said, “The underlying trends we are seeing are of rising prices across New Zealand, with all regions recording year-on -year increases in the median price. By contrast, we are seeing flat or falling sales volumes in many areas of the country. In Auckland, the long-term median price trend has been consistently rising, despite a slight easing compared to November 2016. The combination of fundamental factors, such as strong underlying population growth and a lack of supply in the market to meet Auckland’s growing population, suggests that we may be unlikely to see much change to the upward trend in prices unless these fundamentals change.”
- House prices have increased by $51,000 from 12 months ago, when New Zealand’s median house price was $465,000.
- The number of properties sold was down with sales of 7,313 in December 2015 compared to 6,533 in December 2016.
- There were 1,152 dwellings sold by auction nationally in December 2016, representing 18% of all sales and a decrease of 231 on the number sold by auction in December 2015.
On an annual basis, all of the country’s twelve regions saw a rise in price.
Annual New Zealand House Price Changes
|Region||Median Price December 2016||Change Since December 2015|
|Northland||$410,000||up 14 %|
|Auckland Region||$840,000||up 9.1 %|
|Waikato / Bay of Plenty / Gisborne||$460,000||up 17 %|
|Hawkes Bay||$345,000||up 11 %|
|Manawatu / Wanganui||$260,000||up 8.3 %|
|Taranaki||$351,000||up 11 %|
|Wellington Region||$530,000||up 22 %|
|Nelson / Marlborough||$456,000||up 17 %|
|Canterbury / Westland||$438,000||up 4.0 %|
|Central Otago Lakes||$649,000||up 16 %|
|Otago||$310,000||up 9.9 %|
|Southland||$235,000||up 15 %|
|New Zealand||$516,000||up 11 %|