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 % |
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