NZ House Prices February 2017 Update

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New Zealand’s average house price was $495,000 in February 2017, an increase of $5,000 compared with last month and up $45,000 from February 2016.

The number of properties sold was up, with 6,253 sales in February compared to 4,307 sales in January, according to the REINZ.

February house sales were down 14% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “We are seeing a mixed picture across New Zealand. Auckland is mixed: there is something in the market for buyers and sellers. For instance, although there are more houses on the market and median prices are rising on a seasonally adjusted basis year-on-year, sales volumes were down in February 9% year-on-year on a seasonally adjusted basis.”

  • House prices have increased by $45,000 from 12 months ago, when New Zealand’s median house price was $450,000.
  • The number of properties sold was down with sales of 7,291 in February 2016 compared to 6,253 in February 2017.
  • There were 921 dwellings sold by auction nationally in February 2017, representing 15% of all sales and a decrease of 378 on the number sold by auction in February 2016.

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

RegionMedian Price February 2017Change Since February 2016
Northland$421,000up 20 %
Auckland Region$800,000up 6.7 %
Waikato / Bay of Plenty / Gisborne$460,000up 14 %
Hawkes Bay$350,000up 6.1 %
Manawatu / Wanganui$260,000up 9.2 %
Taranaki$340,000up 3.7 %
Wellington Region$520,750up 15 %
Nelson / Marlborough$450,000up 13 %
Canterbury / Westland$425,000up 1.2 %
Central Otago Lakes$725,000up 30 %
Otago$317,250up 18 %
Southland$210,000down 2.3 %
New Zealand$495,000up 10 %
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