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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