NZ House Prices February 2019 Update

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New Zealand’s median house price was $560,000 in February 2019, up $10,000 compared with last month and up $30,000 from February 2018.

The number of new listings decreased by 6.5% in February compared to 12 months ago, according to the REINZ.

February house sales were down over 9% compared with the same month last year.

There were 26,943 properties available for sale in February 2019.

REINZ Chief Executive, Bindi Norwell said, “At a time when sales volumes are normally strong, when we look across the country,13 out of 16 regions actually saw an annual fall in the number of properties sold. Traditionally children go back to school and people return from their holidays and housing activity picks up, however, February 2019 has been an exception to this rule.”

She continued, “The lower level of sales volumes compared to the same time last year can be attributed to a number of things -the raft of legislative changes impacting the housing market at the moment, the increasing difficulty in accessing finance (despite a record low OCR and very low mortgage rates from the banks) and vendors’ pricing expectations.”

  • House prices have increased by $30,000 from 12 months ago, when New Zealand’s median house price was $530,000.
  • The average number of days to sell a house was 47, an increase from the 44 days needed in February 2018.
  • The number of properties available for sale decreased by 98 (0.3%) compared to 12 months ago.

On an annual basis, thirteen of the country’s fourteen regions saw a rise in price and one saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price February 2019Change Since February 2018
Northland$500,500up 11.2 %
Auckland Region$850,000down 0.6 %
Waikato$530,000up 5.4 %
Bay of Plenty$588,000up 6.9 %
Gisborne Region$390,000up 25.8 %
Hawkes Bay$472,500up 6.4 %
Manawatu / Wanganui$352,000up 23.4 %
Taranaki Region$380,000up 9.7 %
Wellington Region$640,000up 16.2 %
Nelson / Marlborough / Tasman$537,500up 10.1 %
West Coast Region$190,000up 5.6 %
Canterbury$452,500up 1.7 %
Otago Region$455,000up 13.8 %
Southland$290,000up 20.8 %
New Zealand$560,000up 5.7 %
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NZ House Prices January 2019 Update

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New Zealand’s median house price was $550,000 in January 2019, down $10,000 compared with last month but up $30,000 from January 2018.

January house sales were down over 2% compared with the same month last year.

There were 25,503 properties available for sale in January 2019.

REINZ Chief Executive, Bindi Norwell said, “January has pointed to a two-tier market continuing around the country with Auckland and Canterbury experiencing a slowdown in price, but the rest of the country has seen strong price growth, including five regions achieving record median prices. This increase in price once again highlights how the lack of supply is continuing to push up house prices, therefore, it’s essential that as a country we address this fundamental issue sooner rather than later.”

She continued, “December and January usually see prices decline and then pick up again in February and March, so we’ll be watching closely to see whether this is just the usual Christmas/New Year slowdown or whether this is the start of something wider.”

  • House prices have increased by $30,000 from 12 months ago, when New Zealand’s median house price was $520,000.
  • The average number of days to sell a house was 48, an increase from the 46 days needed in January 2018.
  • The number of properties available for sale decreased by 625 (2.5%) compared to 12 months ago.

On an annual basis, twelve of the country’s fourteen regions saw a rise in price and two saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price January 2019Change Since January 2018
Northland$485,000up 14.1 %
Auckland Region$800,000down 2.4 %
Waikato$550,000up 12.6 %
Bay of Plenty$585,000up 9.3 %
Gisborne Region$333,000up 21.1 %
Hawkes Bay$445,000up 3.5 %
Manawatu / Wanganui$348,000up 21.7 %
Taranaki Region$385,000up 5.5 %
Wellington Region$562,000up 12.2 %
Nelson / Marlborough / Tasman$557,500up 12.9 %
West Coast Region$175,000up 13.6 %
Canterbury$431,900down 0.7 %
Otago Region$475,475up 6.4 %
Southland$277,500up 15.6 %
New Zealand$550,000up 5.8 %
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NZ House Prices August 2018 Update

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New Zealand’s median house price was $549,000 in August 2018, down $1,000 compared with last month and up $30,000 from August 2017.

The number of properties available for sale decreased by 1.6% in August compared to 12 months ago, according to the REINZ.

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

REINZ Chief Executive, Bindi Norwell said, “We’ve seen some mixed results this month in terms of volumes with 9 out of 16 regions seeing an increase in volumes year-on-year. However, those increases were enough to pull the national figure up with a 3.1% increase recorded across the whole country. As we head into spring, we expect more listings to come to the market which will naturally result in more sales so we may expect the overall numbers to be even stronger in the coming months.”

  • House prices have increased by $30,000 from 12 months ago, when New Zealand’s median house price was $519,000.
  • The number of properties sold by auction across New Zealand fell by 4% compared to the same month last year, according to the REINZ.
  • The average number of days to sell a house was 37, the same as the days needed in August 2017.
  • The number of properties available for sale decreased by 348 (1.6%) compared to 12 months ago.

On an annual basis, twelve of the country’s fourteen regions saw a rise in price and two saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price August 2018Change Since August 2017
Northland$450,000up 7.1 %
Auckland Region$852,000up 0.6 %
Waikato$525,000up 9.4 %
Bay of Plenty$565,000up 5.6 %
Gisborne Region$335,000up 42.6 %
Hawkes Bay$445,000up 9.9 %
Manawatu / Wanganui$315,000up 10.5 %
Taranaki Region$341,000up 3.6 %
Wellington Region$590,000up 16.5 %
Nelson / Marlborough / Tasman$516,000up 8.6 %
West Coast Region$230,000up 21.1 %
Canterbury$425,000down 0.5 %
Otago Region$435,000up 13.3 %
Southland$240,000down 4 %
New Zealand$549,000up 3.6 %
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NZ House Prices November 2017 Update

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New Zealand’s average house price was $540,000 in November 2017, up $10,000 compared with last month and up $20,000 from November 2016.

The number of properties available for sale increased by 7.6% in November compared to 12 months ago, according to the REINZ.

November house sales were down 9% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “There was a 17.8% increase in the properties sold in New Zealand from October to November-this is the largest October to November increase we’ve seen in six years. After taking into account seasonal adjustment, that increase is 4.5%. While there was a significant increase in properties sold, November traditionally sees a robust increase, although the change in November compared to last month was stronger than we would have expected based on past data.”

She continued, “After a difficult winter and a slow start to spring, the real estate industry has experienced a lift in optimism and activity, with increases in the properties sold in 15 out of 16 regions across the country when compared to the previous month.”

  • House prices have increased by $20,000 from 12 months ago, when New Zealand’s median house price was $520,000.
  • The number of properties sold by auction across New Zealand fell by 31% compared to the same month last year, according to the REINZ.
  • The average number of days to sell a house was 33, an increase on the 32 days needed in November 2016.
  • The number of properties available for sale increased by 1910 (7%) compared to 12 months ago.

On an annual basis, thirteen of the country’s fourteen regions saw a rise in price and one saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price November 2017Change Since November 2016
Northland$425,000up 7.1 %
Auckland Region$880,000up 0.6 %
Waikato$485,000up 4.3 %
Bay of Plenty$567,000up 11 %
Gisborne$295,000up 13 %
Hawkes Bay$420,000up 19 %
Manawatu / Wanganui$300,000up 15 %
Taranaki$360,000up 0.8 %
Wellington Region$550,000up 8.7 %
Nelson / Marlborough / Tasman$500,000up 8.7 %
West Coast Region$182,000down 15 %
Canterbury$460,000up 3.4 %
Otago Region$410,000up 17 %
Southland$265,000up 16 %
New Zealand$540,000up 3.8 %
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NZ House Prices October 2017 Update

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New Zealand’s average house price was $530,000 in October 2017, up $5,000 compared with last month and up $20,000 from October 2016.

The number of properties available for sale increased by 4% in October compared to 12 months ago, according to the REINZ.

October house sales were down 16% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “As we’ve seen for some months now, prices across the country have continued to increase, albeit at a slower rate than the increases we’ve seen in some regions for the last couple of years. Waikato is now the sixth region in the country to have exceeded the half a million dollar mark at least once – something,that a few months ago, we predicted would happen shortly.”

She continued, “The Auckland Region’s decrease of 3.2% year -on-year is predominantly the result of a large number of apartments being sold in the old Auckland City boundary which has therefore brought the median price down for the entire region. Auckland City’s median fell by 17% to $850,000 the lowest price it’s been for 16 months. Interestingly, Franklin District prices increased 16% year-on-year to $737,000and North Shore City remains New Zealand’s only million-dollar plus city.”

  • House prices have increased by $20,000 from 12 months ago, when New Zealand’s median house price was $510,000.
  • The number of properties sold was down, with 5,689 sales in October 2017 compared to 6,727 in October 2016, according to the REINZ.
  • The average number of days to sell a house was 34, an increase on the 32 days needed in October 2016.
  • The number of properties available for sale increased by 992 (4%) compared to 12 months ago.

On an annual basis, twelve of the country’s fourteen regions saw a rise in price and two saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price October 2017Change Since October 2016
Northland$415,000up 4.1 %
Auckland Region$850,000down 3.2 %
Waikato$500,000up 9.9 %
Bay of Plenty$520,000up 4.0 %
Gisborne$310,000up 18 %
Hawkes Bay$400,000up 19 %
Manawatu / Wanganui$290,000up 12 %
Taranaki$350,000up 14.0 %
Wellington Region$510,000up 6.3 %
Nelson / Marlborough / Tasman$451,000down 0.9 %
West Coast Region$235,000up 24 %
Canterbury$450,000up 4.7 %
Otago Region$412,000up 14 %
Southland$233,000up 1.7 %
New Zealand$530,000up 3.9 %
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NZ House Prices September 2017 Update

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New Zealand’s average house price was $525,000 in September 2017, down $5,000 compared with last month but up $6,000 from September 2016.

The number of properties available for sale fell by 2.6 % in September compared to 12 months ago, according to the REINZ.

September house sales were down 26% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “The soggy start to spring combined with the ‘election effect’ has had a significant impact on the number of sales across the country – this is the lowest number of sales in eight months, and the lowest number of sales in the month of September for six years. However, it’s not all doom and gloom as there are pockets of the country experiencing increases month-on-month and median prices are increasing in the majority of regions across the country.”

  • House prices have decreased by $6,000 from 12 months ago, when New Zealand’s median house price was $519,000.
  • The number of properties sold was down, with 5,428 sales in September 2017 compared to 7,325 in September 2016, according to the REINZ.
  • The average number of days to sell a house was 34, an increase on the 31 days needed in September 2016.
  • The number of properties available for sale fell by 585 (2.6%) compared to 12 months ago.

On an annual basis, eleven of the country’s fourteen regions saw a rise in price, two saw a fall and one was unchanged.

Annual New Zealand House Price Changes

RegionMedian Price September 2017Change Since September 2016
Northland$446,000up 14 %
Auckland Region$845,000no change
Waikato$480,000up 4.7 %
Bay of Plenty$538,000up 7.9 %
Gisborne$235,000up 15 %
Hawkes Bay$405,000up 18 %
Manawatu / Wanganui$285,000up 8.4 %
Taranaki$329,000up 4.0 %
Wellington Region$500,000up 11 %
Nelson / Marlborough / Tasman$475,000up 4.9 %
West Coast Region$185,000down 16 %
Canterbury$427,000down 3.2 %
Otago Region$380,000up 6 %
Southland$250,500up 10 %
New Zealand$530,000up 1.2 %
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NZ House Prices August 2017 Update

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New Zealand’s average house price was $530,000 in August 2017, up $22,000 compared with last month and up $40,000 from August 2016.

The number of properties available for sale fell by 1,472 in August compared to 12 months ago, according to the REINZ.

August house sales were down 20% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “Again, we’ve seen the number of properties sold across the country drop significantly. The drop in volume this month meant that, on average, 47 fewer properties were sold each day in August 2017 in comparison to August 2016 – that’s a big drop. Banks’ lending criteria and LVRs are still impacting first home buyers and investors.”

  • House prices have increased by $40,000 from 12 months ago, when New Zealand’s median house price was $490,000.
  • The number of properties sold was down, with 20% fewer sales in August 2017 compared to August 2016, according to the REINZ.
  • The average number of days to sell a house was 37, an increase on the 30 days needed in August 2016.
  • The number of properties available for sale rose by 93 (0.4%) compared to 12 months ago.

On an annual basis, eleven of the country’s fourteen regions saw a rise in price and three saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price August 2017Change Since August 2016
Northland$428,000up 20 %
Auckland Region$840,000down 1.2 %
Waikato$480,000up 12 %
Bay of Plenty$538,000up 9.8 %
Gisborne$235,000down 10 %
Hawkes Bay$405,000up 19 %
Manawatu / Wanganui$285,000up 18 %
Taranaki$329,000up 10 %
Wellington Region$500,000up 8.7 %
Nelson / Marlborough / Tasman$475,000up 10 %
West Coast Region$185,000down 7.5 %
Canterbury$427,000up 1.1 %
Otago Region$380,000up 11 %
Southland$250,500up 22 %
New Zealand$530,000up 8.2 %
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NZ House Prices July 2017 Update

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New Zealand’s average house price was $518,000 in July 2017, down $12,000 compared with last month but up $17,000 from July 2016.

The number of properties available for sale rose by 1,441 in July compared to 12 months ago, according to the REINZ.

July house sales were down 25% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “The number of sales across New Zealand has dropped significantly in comparison to the same time last year. A key reason for this is that the two biggest hurdles to purchasing a house right now are access to finance as the banks continue to tighten their lending criteria and LVR restrictions.” She continued, “This creates an intimidating barrier to entry to the real estate market, particularly for those saving for their first home.”

  • House prices have increased by $17,000 from 12 months ago, when New Zealand’s median house price was $501,000.
  • The number of properties sold was down, with 25% fewer sales in July 2017 compared to July 2016, according to the REINZ.
  • The average number of days to sell a house was 35, an increase on the 31 days needed in July 2016.
  • The number of properties available for sale rose by 1,441 (7%) compared to 12 months ago.

On an annual basis, ten of the country’s fourteen regions saw a rise in price and four saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price July 2017Change Since July 2016
Northland$455,000up 23 %
Auckland Region$830,000down 1.2 %
Waikato$489,000up 9 %
Bay of Plenty$555,000down 1.2 %
Gisborne$290,000up 16 %
Hawkes Bay$400,000up 25.8 %
Manawatu / Wanganui$272,000up 6.7 %
Taranaki$325,000up 3.2 %
Wellington Region$490,000up 8.9 %
Nelson / Marlborough / Tasman$435,000up 9 %
West Coast Region$195,000down 23.5 %
Canterbury$420,000down 2.3 %
Otago Region$400,000up 15.3 %
Southland$232,500up 4.7 %
New Zealand$518,000up 3.4 %
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NZ House Prices June 2017 Update

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New Zealand’s average house price was $529,000 in June 2017, down $5,000 compared with last month but up $24,000 from June 2016.

The number of properties available for sale rose by 1,895 in June compared to 12 months ago, according to the REINZ.

June house sales were down 25% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “While median prices in Auckland have increased slightly year-on year, the City of Sails had the second lowest rate of growth in the country in comparison to the 8% seen in June 2016 and 27.1% increase in June 2015. This is evidence that the ‘Supercity’ has showed signs of price growth slowing down.” She continued, “However most regions across the rest of the country experienced double-digit (or close to it) growth and record median prices have been seen in three regions this month.”

  • House prices have increased by $24,000 from 12 months ago, when New Zealand’s median house price was $505,000.
  • The number of properties sold was down, with 20% fewer sales in June 2017 compared to June 2016, according to the REINZ.
  • The average number of days to sell a house was 36, an increase on the 31 days needed in June 2016.

On an annual basis, seven of the country’s fourteen regions saw a rise in price and seven saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price June 2017Change Since June 2016
Northland$425,000up 18.1 %
Auckland Region$850,500up 2.5 %
Waikato$465,000up 8.1 %
Bay of Plenty$555,000up 14.2 %
Gisborne$260,000up 6.6 %
Hawkes Bay$373,000up 16.6 %
Manawatu / Wanganui$280,000up 19.1 %
Taranaki$325,000up 3.2 %
Wellington Region$530,000up 16.5 %
Nelson / Marlborough / Tasman$486,000up 20 %
West Coast Region$250,000up 43 %
Canterbury$435,000up 1.0 %
Otago Region$385,000up 12.6 %
Southland$230,000up 21 %
New Zealand$529,000up 5.8 %
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NZ House Prices May 2017 Update

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New Zealand’s average house price was $540,000 in May 2017, unchanged compared with last month but up $34,000 from May 2016.

The number of properties sold was up, with 7,336 sales in May compared to 5,845 sales in April, according to the REINZ.

May house sales were down 18% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region. We saw record median prices achieved in 4 of the 14 regions we measure… suggesting that the regions continue to hold up overall.” She continued, “Auckland median house prices increased 5% year on year to $865,000, showing continued growth in the Auckland housing market, albeit at a slower rate than the previous year.”

  • House prices have increased by $34,000 from 12 months ago, when New Zealand’s median house price was $506,000.
  • The number of properties sold was down, with 7,336 sales in May 2017 compared to 9,075 sales in May 2016, according to the REINZ.
  • The average number of days to sell a house was 37, an increase on the 32 days needed in May 2016.

On an annual basis, twelve of the country’s fourteen regions saw a rise in price and two saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price May 2017Change Since May 2016
Northland$450,000up 29 %
Auckland Region$865,000up 5.0 %
Waikato$486,000up 20 %
Bay of Plenty$541,500up 9.4 %
Gisborne$286,500up 26.5 %
Hawkes Bay$375,000up 16 %
Manawatu / Wanganui$269,000up 20 %
Taranaki$355,000up 2.6 %
Wellington Region$521,000up 12 %
Nelson / Marlborough / Tasman$483,250up 22 %
West Coast Region$195,000down 4.9 %
Canterbury$431,500down 1.9 %
Otago Region$375,000up 7.9 %
Southland$238,000up 14 %
New Zealand$540,000up 6.7 %
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