New Zealand’s average house price rose to $350,000 in February an increase of $10,000 compared with last month and was unchanged from February 2010.
The number of properties sold was up, with 4,502 sales in February compared to 3,252 in January, according to the Real Estate Institute of New Zealand (REINZ).
February house sales were down by 10 percent, compared with the same time last year.
REINZ spokesperson, Helen O’Sullivan said “The recent cut in the OCR by the Reserve Bank of 50 basis points may provide some encouragement to buyers – equally however it makes it easier for current owners to hold if they don’t see the pricing they expect. We would be really pleased if the rate decrease had a positive impact on the construction of new housing stock, especially in the Auckland market.”
- House prices are unchanged from 12 months ago, when New Zealand’s median house price was $350,000.
- The number of properties sold fell from 5,029 in February 2010 to 4,502 in February 2011.
- The average number of days to sell a house was 58, an increase on the 46 days needed in February 2010.
On an annual basis, eight of the country’s twelve regions saw a rise in prices, two saw a fall and two were unchanged.
Annual New Zealand House Price Changes
| Region | Median Price February 2011 |
Change since February 2010 |
| Northland | $325,000 | up 6.6 % |
| Auckland Region | $465,000 | up 2.5 % |
| Waikato / Bay of Plenty / Gisborne | $309,000 | down 3.4 % |
| Hawkes Bay | $285,000 | unchanged |
| Manawatu / Wanganui | $238,000 | up 2.1 % |
| Taranaki | $285,000 | unchanged |
| Wellington Region | $408,500 | up 4.2% |
| Nelson / Marlborough | $331,000 | up 0.3 % |
| Canterbury / Westland | $290,000 | down 4.8 % |
| Central Otago Lakes | $436,000 | up 0.2 % |
| Otago | $235,500 | up 6.1 % |
| Southland | $210,000 | up 10.5 % |
| New Zealand | $350,000 | unchanged % |