New Zealand’s average house price remained at $350,000 in September compared with last month and was up from $346,750 in September 2009.
The number of properties sold was up, with 4,323 sales in September compared to 4,287 in August, according to the Real Estate Institute of New Zealand (REINZ).
September house sales were down by 33 percent, compared with the same time last year.
REINZ spokesperson, Bryan Thomson said “Sales continue to remain very subdued across the country but some of this could be attributed to uncertainty over the rise in GST and tax cuts, which came into effect on 1 October and also the shocking spring weather we have been experiencing. We would expect to see a pick up in the market in coming months as warmer spring and summer weather generally brings an influx on new property listings onto the market providing more choice for buyers.”
- House prices are 6.1 percent higher than 12 months ago, when New Zealand’s median house price was $330,000.
- The number of properties sold fell from 6,464 in September 2009 to 4,323 in September 2010.
- The average number of days to sell a house was 43, an increase on the 33 days needed in September 2009.
On an annual basis, four of the country’s twelve regions saw a rise in prices and seven saw a fall and one was unchanged.
Annual New Zealand House Price Changes
| Region | Median Price September 2010 |
Change since September 2009 |
| Northland | $300,000 | up 5.3 % |
| Auckland Region | $450,000 | down 1.1 % |
| Waikato / Bay of Plenty / Gisborne | $314,000 | up 0.2 % |
| Hawkes Bay | $265,000 | unchanged |
| Manawatu / Wanganui | $216,500 | down 3.9 % |
| Taranaki | $269,400 | down 4.8 % |
| Wellington Region | $398,500 | up 5.4 % |
| Nelson / Marlborough | $330,000 | down 2.1 % |
| Canterbury / Westland | $297,500 | down 4.5 % |
| Central Otago Lakes | $465,000 | up 14.8 % |
| Otago | $230,000 | down 3.0 % |
| Southland | $185,000 | down 2.4 % |
| New Zealand | $350,000 | unchanged |