New Zealand’s average house price fell to $340,000 in January a decrease of $12,000 compared with last month and was down from $350,000 in January 2010.
The number of properties sold was down, with 3,252 sales in January compared to 4,397 in December, according to the Real Estate Institute of New Zealand (REINZ).
January house sales were down by 11 percent, compared with the same time last year.
REINZ spokesperson, Helen O’Sullivan said “The traditionally subdued month of January was marked by the lowest ever level of new listings coming to market and turnover fell to a new low below that of January 2010. This reflects that with rental shortages in key urban areas such as Auckland and relatively low interest rates, home owners and investors alike are under no pressure to sell.”
- House prices are 2.9 percent lower than 12 months ago, when New Zealand’s median house price was $350,000.
- The number of properties sold fell from 3,666 in January 2010 to 3,252 in January 2011.
- The average number of days to sell a house was 51, an increase on the 43 days needed in January 2010.
On an annual basis, one of the country’s twelve regions saw a rise in prices and, eleven saw a fall.
Annual New Zealand House Price Changes
| Region | Median Price January 2011 |
Change since January 2010 |
| Northland | $315,000 | up 2.3 % |
| Auckland Region | $450,000 | down 0.1 % |
| Waikato / Bay of Plenty / Gisborne | $315,000 | down 1.6 % |
| Hawkes Bay | $270,500 | down 2.7 % |
| Manawatu / Wanganui | $227,500 | down 1.1 % |
| Taranaki | $273,000 | down 9.0 % |
| Wellington Region | $370,000 | down 1.3% |
| Nelson / Marlborough | $318,500 | down 6.7 % |
| Canterbury / Westland | $300,000 | down 6.1 % |
| Central Otago Lakes | $402,500 | down 1.8 % |
| Otago | $205,500 | down 17.0 % |
| Southland | $180,750 | down 1.0 % |
| New Zealand | $340,000 | down 2.9 % |