New Zealand’s average house price was $530,000 in October 2017, up $5,000 compared with last month and up $20,000 from October 2016.
The number of properties available for sale increased by 4% in October compared to 12 months ago, according to the REINZ.
October house sales were down 16% compared with the same month last year.
REINZ Chief Executive, Bindi Norwell said, “As we’ve seen for some months now, prices across the country have continued to increase, albeit at a slower rate than the increases we’ve seen in some regions for the last couple of years. Waikato is now the sixth region in the country to have exceeded the half a million dollar mark at least once – something,that a few months ago, we predicted would happen shortly.”
She continued, “The Auckland Region’s decrease of 3.2% year -on-year is predominantly the result of a large number of apartments being sold in the old Auckland City boundary which has therefore brought the median price down for the entire region. Auckland City’s median fell by 17% to $850,000 the lowest price it’s been for 16 months. Interestingly, Franklin District prices increased 16% year-on-year to $737,000and North Shore City remains New Zealand’s only million-dollar plus city.”
- House prices have increased by $20,000 from 12 months ago, when New Zealand’s median house price was $510,000.
- The number of properties sold was down, with 5,689 sales in October 2017 compared to 6,727 in October 2016, according to the REINZ.
- The average number of days to sell a house was 34, an increase on the 32 days needed in October 2016.
- The number of properties available for sale increased by 992 (4%) compared to 12 months ago.
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
|Region||Median Price October 2017||Change Since October 2016|
|Northland||$415,000||up 4.1 %|
|Auckland Region||$850,000||down 3.2 %|
|Waikato||$500,000||up 9.9 %|
|Bay of Plenty||$520,000||up 4.0 %|
|Gisborne||$310,000||up 18 %|
|Hawkes Bay||$400,000||up 19 %|
|Manawatu / Wanganui||$290,000||up 12 %|
|Taranaki||$350,000||up 14.0 %|
|Wellington Region||$510,000||up 6.3 %|
|Nelson / Marlborough / Tasman||$451,000||down 0.9 %|
|West Coast Region||$235,000||up 24 %|
|Canterbury||$450,000||up 4.7 %|
|Otago Region||$412,000||up 14 %|
|Southland||$233,000||up 1.7 %|
|New Zealand||$530,000||up 3.9 %|