NZ House Prices October 2017 Update

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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

RegionMedian Price October 2017Change Since October 2016
Northland$415,000up 4.1 %
Auckland Region$850,000down 3.2 %
Waikato$500,000up 9.9 %
Bay of Plenty$520,000up 4.0 %
Gisborne$310,000up 18 %
Hawkes Bay$400,000up 19 %
Manawatu / Wanganui$290,000up 12 %
Taranaki$350,000up 14.0 %
Wellington Region$510,000up 6.3 %
Nelson / Marlborough / Tasman$451,000down 0.9 %
West Coast Region$235,000up 24 %
Canterbury$450,000up 4.7 %
Otago Region$412,000up 14 %
Southland$233,000up 1.7 %
New Zealand$530,000up 3.9 %
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