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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