NZ House Prices November 2017 Update

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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

RegionMedian Price November 2017Change Since November 2016
Northland$425,000up 7.1 %
Auckland Region$880,000up 0.6 %
Waikato$485,000up 4.3 %
Bay of Plenty$567,000up 11 %
Gisborne$295,000up 13 %
Hawkes Bay$420,000up 19 %
Manawatu / Wanganui$300,000up 15 %
Taranaki$360,000up 0.8 %
Wellington Region$550,000up 8.7 %
Nelson / Marlborough / Tasman$500,000up 8.7 %
West Coast Region$182,000down 15 %
Canterbury$460,000up 3.4 %
Otago Region$410,000up 17 %
Southland$265,000up 16 %
New Zealand$540,000up 3.8 %
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