NZ House Prices May 2017 Update

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New Zealand’s average house price was $540,000 in May 2017, unchanged compared with last month but up $34,000 from May 2016.

The number of properties sold was up, with 7,336 sales in May compared to 5,845 sales in April, according to the REINZ.

May house sales were down 18% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region. We saw record median prices achieved in 4 of the 14 regions we measure… suggesting that the regions continue to hold up overall.” She continued, “Auckland median house prices increased 5% year on year to $865,000, showing continued growth in the Auckland housing market, albeit at a slower rate than the previous year.”

  • House prices have increased by $34,000 from 12 months ago, when New Zealand’s median house price was $506,000.
  • The number of properties sold was down, with 7,336 sales in May 2017 compared to 9,075 sales in May 2016, according to the REINZ.
  • The average number of days to sell a house was 37, an increase on the 32 days needed in May 2016.

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 May 2017Change Since May 2016
Northland$450,000up 29 %
Auckland Region$865,000up 5.0 %
Waikato$486,000up 20 %
Bay of Plenty$541,500up 9.4 %
Gisborne$286,500up 26.5 %
Hawkes Bay$375,000up 16 %
Manawatu / Wanganui$269,000up 20 %
Taranaki$355,000up 2.6 %
Wellington Region$521,000up 12 %
Nelson / Marlborough / Tasman$483,250up 22 %
West Coast Region$195,000down 4.9 %
Canterbury$431,500down 1.9 %
Otago Region$375,000up 7.9 %
Southland$238,000up 14 %
New Zealand$540,000up 6.7 %
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