NZ House Prices January 2019 Update

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New Zealand’s median house price was $550,000 in January 2019, down $10,000 compared with last month but up $30,000 from January 2018.

January house sales were down over 2% compared with the same month last year.

There were 25,503 properties available for sale in January 2019.

REINZ Chief Executive, Bindi Norwell said, “January has pointed to a two-tier market continuing around the country with Auckland and Canterbury experiencing a slowdown in price, but the rest of the country has seen strong price growth, including five regions achieving record median prices. This increase in price once again highlights how the lack of supply is continuing to push up house prices, therefore, it’s essential that as a country we address this fundamental issue sooner rather than later.”

She continued, “December and January usually see prices decline and then pick up again in February and March, so we’ll be watching closely to see whether this is just the usual Christmas/New Year slowdown or whether this is the start of something wider.”

  • House prices have increased by $30,000 from 12 months ago, when New Zealand’s median house price was $520,000.
  • The average number of days to sell a house was 48, an increase from the 46 days needed in January 2018.
  • The number of properties available for sale decreased by 625 (2.5%) 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 January 2019Change Since January 2018
Northland$485,000up 14.1 %
Auckland Region$800,000down 2.4 %
Waikato$550,000up 12.6 %
Bay of Plenty$585,000up 9.3 %
Gisborne Region$333,000up 21.1 %
Hawkes Bay$445,000up 3.5 %
Manawatu / Wanganui$348,000up 21.7 %
Taranaki Region$385,000up 5.5 %
Wellington Region$562,000up 12.2 %
Nelson / Marlborough / Tasman$557,500up 12.9 %
West Coast Region$175,000up 13.6 %
Canterbury$431,900down 0.7 %
Otago Region$475,475up 6.4 %
Southland$277,500up 15.6 %
New Zealand$550,000up 5.8 %
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