House Prices in South Island Towns

Town Scene, New Zealand
Arrowtown in Autumn

House Prices in Nelson / Timaru / Queenstown / Dunedin / Invercargill

LocationAugust 2019August 2018August 2017August 2016
Rangiora / Waimakariri District$463,000$441,000$419,000$430,000
Timaru District$325,000$350,000$332,760$308,000
Queenstown – Lakes District$985,000$932,000$850,000$805,000

Market Analysis

The prices above are monthly average property prices from The Real Estate Institute of New Zealand (REINZ).

According to data from REINZ, house values have increased markedly over the past few years in South Island towns. From the selection above, average house values in August 2019 ranged from $318,000 in Invercargill City to $985,000 in Queenstown Lakes District.

Bindi Norwell, Chief Executive at REINZ said about the Canturbury / Christchurch market, “Lower interest rates and increases in rent are seeing more first home buyers in the market. There is an increase in the number of investor interest in the region as well, especially with those investors with money in the bank who aren’t receiving very good returns. There are strong numbers at open homes and plenty of buyers out there looking for homes especially in the $500K and under price bracket.”

Gail Hudson, REINZ Regional Director continued, “The Queenstown Lakes District saw a 5.7% increase in the median sale price in August from $932,000 to $985,000, albeit down from July’s $1,005,000. This winter was similar to last year with slow but steady sales. As we come into Spring, we have seen more people at open homes. The warmer season always brings out more buyers and sellers, so we should see the market lift in listings and sales over the next few months.”

Strong demand from owner occupiers saw Invercargill City achieve a record median house price of $318,000 in August, up 36.8% year-on-year.

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