New Zealand’s average house price remained at $350,000 in October compared with last month and was down from $355,000 in October 2009.
The number of properties sold was down, with 3,903 sales in October compared to 4,323 in September, according to the Real Estate Institute of New Zealand (REINZ).
October house sales were down by 33 percent, compared with the same time last year.
REINZ spokesperson, Peter Thomson said “The usual spring influx of listings has been late this year but activity is picking up now and the November figures should be better.
People planning to change houses appear to have held back on listing their current homes until they see what else is available and how the market is moving.”
- House prices are 1.4 percent lower than 12 months ago, when New Zealand’s median house price was $355,000.
- The number of properties sold fell from 6,091 in October 2009 to 3,903 in October 2010.
- The average number of days to sell a house was 41, an increase on the 31 days needed in October 2009.
On an annual basis, seven of the country’s twelve regions saw a rise in prices and four saw a fall and one was unchanged.
Annual New Zealand House Price Changes
| Region | Median Price October 2010 |
Change since October 2009 |
| Northland | $315,000 | up 1.6 % |
| Auckland Region | $460,000 | up 1.1 % |
| Waikato / Bay of Plenty / Gisborne | $305,000 | down 6.9 % |
| Hawkes Bay | $288,000 | up 5.7 % |
| Manawatu / Wanganui | $233,000 | up 3.5 % |
| Taranaki | $285,000 | up 3.6 % |
| Wellington Region | $390,000 | down 5.9 % |
| Nelson / Marlborough | $320,000 | unchanged |
| Canterbury / Westland | $315,000 | up 1.6 % |
| Central Otago Lakes | $385,000 | down 20.3 % |
| Otago | $245,000 | up 4.3 % |
| Southland | $170,000 | down 6.2 % |
| New Zealand | $350,000 | down 1.4 % |