New Zealand’s average house price was $529,000 in June 2017, down $5,000 compared with last month but up $24,000 from June 2016.
The number of properties available for sale rose by 1,895 in June compared to 12 months ago, according to the REINZ.
June house sales were down 25% compared with the same month last year.
REINZ Chief Executive, Bindi Norwell said, “While median prices in Auckland have increased slightly year-on year, the City of Sails had the second lowest rate of growth in the country in comparison to the 8% seen in June 2016 and 27.1% increase in June 2015. This is evidence that the ‘Supercity’ has showed signs of price growth slowing down.” She continued, “However most regions across the rest of the country experienced double-digit (or close to it) growth and record median prices have been seen in three regions this month.”
- House prices have increased by $24,000 from 12 months ago, when New Zealand’s median house price was $505,000.
- The number of properties sold was down, with 20% fewer sales in June 2017 compared to June 2016, according to the REINZ.
- The average number of days to sell a house was 36, an increase on the 31 days needed in June 2016.
On an annual basis, seven of the country’s fourteen regions saw a rise in price and seven saw a fall.
Annual New Zealand House Price Changes
|Region||Median Price June 2017||Change Since June 2016|
|Northland||$425,000||up 18.1 %|
|Auckland Region||$850,500||up 2.5 %|
|Waikato||$465,000||up 8.1 %|
|Bay of Plenty||$555,000||up 14.2 %|
|Gisborne||$260,000||up 6.6 %|
|Hawkes Bay||$373,000||up 16.6 %|
|Manawatu / Wanganui||$280,000||up 19.1 %|
|Taranaki||$325,000||up 3.2 %|
|Wellington Region||$530,000||up 16.5 %|
|Nelson / Marlborough / Tasman||$486,000||up 20 %|
|West Coast Region||$250,000||up 43 %|
|Canterbury||$435,000||up 1.0 %|
|Otago Region||$385,000||up 12.6 %|
|Southland||$230,000||up 21 %|
|New Zealand||$529,000||up 5.8 %|