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 % |
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