NZ House Prices March 2017 Update

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New Zealand’s average house price was $546,000 in March 2017, an increase of $51,000 compared with last month and also up $51,000 from March 2016.

The number of properties sold was up, with 8,504 sales in March compared to 6,253 sales in February, according to the REINZ.

March house sales were down 11% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “March reflects the seasonal peak for the year so far, with the largest number of homes sold and the largest month-on-month increase in the median price, as we normally expect to see this month.” She continued, “Auckland has recorded another record median price and a 66% jump on sales volumes on February, but it should be noted that the ‘March effect’ is more pronounced in Auckland than in other regions. Further, the levels of inventory in Auckland are rising quickly with 47% increase in inventory over the past month, offering buyers more choice.”

  • House prices have increased by $51,000 from 12 months ago, when New Zealand’s median house price was $495,000.
  • The number of properties sold was down with sales of 9,527 in March 2016 compared to 8,504 in March 2017.
  • There were 1,637 dwellings sold by auction nationally in March 2017, representing 19% of all sales and a decrease of 717 on the number sold by auction in March 2016.
  • The average number of days to sell a house was 32, an increase on the 30 days needed in March 2016.

On an annual basis, eleven of the country’s twelve regions saw a rise in price and one saw a fall.

Annual New Zealand House Price Changes

RegionMedian Price March 2017Change Since March 2016
Northland$445,000up 27 %
Auckland Region$890,000up 8.5 %
Waikato / Bay of Plenty / Gisborne$487,000up 17 %
Hawkes Bay$385,000up 24 %
Manawatu / Wanganui$270,000up 16 %
Taranaki$370,000up 18 %
Wellington Region$525,000up 14 %
Nelson / Marlborough$465,000up 13 %
Canterbury / Westland$440,000up 3.5 %
Central Otago Lakes$690,250down 1.7 %
Otago$320,000up 14 %
Southland$225,000up 7.1 %
New Zealand$546,000up 10 %
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