New Zealand’s average house price was $540,000 in November 2017, up $10,000 compared with last month and up $20,000 from November 2016.
The number of properties available for sale increased by 7.6% in November compared to 12 months ago, according to the REINZ.
November house sales were down 9% compared with the same month last year.
REINZ Chief Executive, Bindi Norwell said, “There was a 17.8% increase in the properties sold in New Zealand from October to November-this is the largest October to November increase we’ve seen in six years. After taking into account seasonal adjustment, that increase is 4.5%. While there was a significant increase in properties sold, November traditionally sees a robust increase, although the change in November compared to last month was stronger than we would have expected based on past data.”
She continued, “After a difficult winter and a slow start to spring, the real estate industry has experienced a lift in optimism and activity, with increases in the properties sold in 15 out of 16 regions across the country when compared to the previous month.”
- House prices have increased by $20,000 from 12 months ago, when New Zealand’s median house price was $520,000.
- The number of properties sold by auction across New Zealand fell by 31% compared to the same month last year, according to the REINZ.
- The average number of days to sell a house was 33, an increase on the 32 days needed in November 2016.
- The number of properties available for sale increased by 1910 (7%) compared to 12 months ago.
On an annual basis, thirteen of the country’s fourteen regions saw a rise in price and one saw a fall.
Annual New Zealand House Price Changes
|Region||Median Price November 2017||Change Since November 2016|
|Northland||$425,000||up 7.1 %|
|Auckland Region||$880,000||up 0.6 %|
|Waikato||$485,000||up 4.3 %|
|Bay of Plenty||$567,000||up 11 %|
|Gisborne||$295,000||up 13 %|
|Hawkes Bay||$420,000||up 19 %|
|Manawatu / Wanganui||$300,000||up 15 %|
|Taranaki||$360,000||up 0.8 %|
|Wellington Region||$550,000||up 8.7 %|
|Nelson / Marlborough / Tasman||$500,000||up 8.7 %|
|West Coast Region||$182,000||down 15 %|
|Canterbury||$460,000||up 3.4 %|
|Otago Region||$410,000||up 17 %|
|Southland||$265,000||up 16 %|
|New Zealand||$540,000||up 3.8 %|