NZ House Prices September 2017 Update

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New Zealand’s average house price was $525,000 in September 2017, down $5,000 compared with last month but up $6,000 from September 2016.

The number of properties available for sale fell by 2.6 % in September compared to 12 months ago, according to the REINZ.

September house sales were down 26% compared with the same month last year.

REINZ Chief Executive, Bindi Norwell said, “The soggy start to spring combined with the ‘election effect’ has had a significant impact on the number of sales across the country – this is the lowest number of sales in eight months, and the lowest number of sales in the month of September for six years. However, it’s not all doom and gloom as there are pockets of the country experiencing increases month-on-month and median prices are increasing in the majority of regions across the country.”

  • House prices have decreased by $6,000 from 12 months ago, when New Zealand’s median house price was $519,000.
  • The number of properties sold was down, with 5,428 sales in September 2017 compared to 7,325 in September 2016, according to the REINZ.
  • The average number of days to sell a house was 34, an increase on the 31 days needed in September 2016.
  • The number of properties available for sale fell by 585 (2.6%) compared to 12 months ago.

On an annual basis, eleven of the country’s fourteen regions saw a rise in price, two saw a fall and one was unchanged.

Annual New Zealand House Price Changes

RegionMedian Price September 2017Change Since September 2016
Northland$446,000up 14 %
Auckland Region$845,000no change
Waikato$480,000up 4.7 %
Bay of Plenty$538,000up 7.9 %
Gisborne$235,000up 15 %
Hawkes Bay$405,000up 18 %
Manawatu / Wanganui$285,000up 8.4 %
Taranaki$329,000up 4.0 %
Wellington Region$500,000up 11 %
Nelson / Marlborough / Tasman$475,000up 4.9 %
West Coast Region$185,000down 16 %
Canterbury$427,000down 3.2 %
Otago Region$380,000up 6 %
Southland$250,500up 10 %
New Zealand$530,000up 1.2 %
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