New Zealand’s average house price rose to $360,000 in November an increase of $10,000 compared with last month and was up from $355,000 in November 2009.
The number of properties sold was up, with 5,138 sales in November compared to 3,903 in October, according to the Real Estate Institute of New Zealand (REINZ).
November house sales were down by 15 percent, compared with the same time last year.
REINZ spokesperson, Bryan Thomson said “The indications of a lot more listings noted at the beginning of last month have led to a late flush of spring activity. With pent-up levels of people now in the market who need to buy or sell homes, we can expect the increased activity to continue through December and the summer without the usual slowdown over Christmas.”
- House prices are 1.4 percent higher than 12 months ago, when New Zealand’s median house price was $355,000.
- The number of properties sold fell from 6,056 in November 2009 to 5,138 in November 2010.
- The average number of days to sell a house was 40, an increase on the 33 days needed in November 2009.
On an annual basis, five of the country’s twelve regions saw a rise in prices and seven saw a fall.
Annual New Zealand House Price Changes
| Region | Median Price November 2010 |
Change since November 2009 |
| Northland | $310,000 | down 9.1 % |
| Auckland Region | $477,000 | up 1.5 % |
| Waikato / Bay of Plenty / Gisborne | $319,000 | down 0.2 % |
| Hawkes Bay | $269,000 | down 2.2 % |
| Manawatu / Wanganui | $233,000 | up 1.1 % |
| Taranaki | $265,000 | down 4.3 % |
| Wellington Region | $400,000 | up 2.2 % |
| Nelson / Marlborough | $330,000 | up 1.2 % |
| Canterbury / Westland | $307,000 | down 1.0 % |
| Central Otago Lakes | $421,000 | down 4.5 % |
| Otago | $230,000 | down 4.2 % |
| Southland | $189,000 | up 3.8 % |
| New Zealand | $360,000 | up 1.4 % |