NZ House Prices July 2019 Update

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New Zealand’s median house price was $575,000 in July 2019, down $10,000 compared with last month and up $25,000 from July 2018.

July house sales were up over 3% compared with the same month last year.

Regions with the greatest increase in annual sales volumes were Nelson, Gisborne, Canterbury and Marlborough.

There were 21,843 properties available for sale in July 2019, an increase of 555 properties compared to 12 months ago.

REINZ Chief Executive, Bindi Norwell said, “This is the first time in eight months that we’ve seen the number of properties sold around the country increase on an annual basis suggesting that we’re starting to see some early signs of growth. Some of this can be attributed to more certainty post the removal of the Capital Gains Tax, but it’s also about pockets of renewed confidence and parts of the market finding its new normal in terms of pricing.”

She continued, “With August’s surprise 50 basis points drop in the OCR, going forward we expect to see even more signs of growth – especially as we move towards the warmer weather when we tend to see more activity in the market.”

  • House prices have increased by $25,000 from 12 months ago, when New Zealand’s median house price was $550,000.
  • The average number of days to sell a house was 40, an increase from the 37 days needed in July 2018.
  • The number of properties available for sale increased by 555 (2.6%) compared to 12 months ago.

On an annual basis, nine of the country’s fourteen regions saw a rise in price, four saw a fall and one was unchanged.

Annual New Zealand House Price Changes

RegionMedian Price July 2019Change Since July 2018
Northland$472,000down 1.9 %
Auckland Region$830,000no change
Waikato$530,000up 3.1 %
Bay of Plenty$578,000down 0.3 %
Gisborne Region$355,000up 16.2 %
Hawkes Bay$470,000up 9.3 %
Manawatu / Wanganui$370,000up 25.4 %
Taranaki Region$360,000down 4.0 %
Wellington Region$630,000up 14.5 %
Nelson / Marlborough / Tasman$522,000up 0.4 %
West Coast Region$170,000down 24.4 %
Canterbury$446,000up 3.7 %
Otago Region$505,000up 21.7 %
Southland$300,000up 20.0 %
New Zealand$575,000up 4.5 %
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