New Zealand’s average house price was $518,000 in July 2017, down $12,000 compared with last month but up $17,000 from July 2016.
The number of properties available for sale rose by 1,441 in July compared to 12 months ago, according to the REINZ.
July house sales were down 25% compared with the same month last year.
REINZ Chief Executive, Bindi Norwell said, “The number of sales across New Zealand has dropped significantly in comparison to the same time last year. A key reason for this is that the two biggest hurdles to purchasing a house right now are access to finance as the banks continue to tighten their lending criteria and LVR restrictions.” She continued, “This creates an intimidating barrier to entry to the real estate market, particularly for those saving for their first home.”
- House prices have increased by $17,000 from 12 months ago, when New Zealand’s median house price was $501,000.
- The number of properties sold was down, with 25% fewer sales in July 2017 compared to July 2016, according to the REINZ.
- The average number of days to sell a house was 35, an increase on the 31 days needed in July 2016.
- The number of properties available for sale rose by 1,441 (7%) compared to 12 months ago.
On an annual basis, ten of the country’s fourteen regions saw a rise in price and four saw a fall.
Annual New Zealand House Price Changes
|Region||Median Price July 2017||Change Since July 2016|
|Northland||$455,000||up 23 %|
|Auckland Region||$830,000||down 1.2 %|
|Waikato||$489,000||up 9 %|
|Bay of Plenty||$555,000||down 1.2 %|
|Gisborne||$290,000||up 16 %|
|Hawkes Bay||$400,000||up 25.8 %|
|Manawatu / Wanganui||$272,000||up 6.7 %|
|Taranaki||$325,000||up 3.2 %|
|Wellington Region||$490,000||up 8.9 %|
|Nelson / Marlborough / Tasman||$435,000||up 9 %|
|West Coast Region||$195,000||down 23.5 %|
|Canterbury||$420,000||down 2.3 %|
|Otago Region||$400,000||up 15.3 %|
|Southland||$232,500||up 4.7 %|
|New Zealand||$518,000||up 3.4 %|