New Zealand’s average house price rose to $350,000 in August, an increase of $1,000 on last month and up from $346,750 in August 2009.
The number of properties sold was down, with 4,287 sales in August compared to 4,411 in July, according to the Real Estate Institute of New Zealand (REINZ).
August house sales were down by 27 percent, compared with the same time last year.
REINZ spokesperson, Bryan Thomson said “These sales levels are almost identical to what REINZ reported during 2008 when the market was at its worst in the midst of the Global Financial Crisis.. Compared to 2008 our current market appears slower than conditions indicate it should be. So the impact of Spring weather and the expected flush of new listings soon will bring an interesting period in which we can gauge a more accurate measure of the market for the rest of the year.”
- House prices are 0.9 percent higher than 12 months ago, when New Zealand’s median house price was $346,750.
- The number of properties sold fell from 5,878 in August 2009 to 4,287 in August 2010.
- The average number of days to sell a house was 43, an increase on the 34 days needed in August 2009.
On an annual basis, eight of the country’s twelve regions saw a rise in prices and four saw a fall.
Annual New Zealand House Price Changes
| Region | Median Price August 2010 |
Change since August 2009 |
| Northland | $310,000 | up 5.1 % |
| Auckland Region | $445,000 | down 1.1 % |
| Waikato / Bay of Plenty / Gisborne | $323,000 | up 1.7 % |
| Hawkes Bay | $272,500 | up 7.7 % |
| Manawatu / Wanganui | $229,500 | up 9.3 % |
| Taranaki | $265,500 | down 7.7 % |
| Wellington Region | $397,500 | up 0.5 % |
| Nelson / Marlborough | $330,000 | up 1.5 % |
| Canterbury / Westland | $315,000 | up 6.8 % |
| Central Otago Lakes | $390,000 | up 3.4 % |
| Otago | $230,000 | down 2.5 % |
| Southland | $194,500 | down 2.8 % |
| New Zealand | $350,000 | up 0.9 % |