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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