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