The average (median) price of a house in New Zealand rose to $302,000 in March.
REINZ National President, Mr Howard Morley, said, “The market’s confidence has returned after the uncertainty arising from rising interest rates and the disruptions of the holiday period.
“Prices realized in the market have levelled and, with falling mortgage interest rates, I think we can expect to see steady prices in the coming months but not necessarily the spectacular rises of previous years.”
House prices in five of New Zealand’s regions rose while prices in six declined. Auckland’s average price was unchanged.
House Price Changes
| Region | Median Price March |
Change since February |
| Northland | $280,000 | up 1.8 % |
| Auckland Region | $385,000 | up 0 % |
| Waikato / Bay of Plenty / Gisborne | $272,500 | down 2.7 % |
| Hawke’s Bay’s | $277,750 | up 8.9 % |
| Manawatu/Wanganui | $179,500 | down 5.5 % |
| Taranaki | $225,000 | down 9.6 % |
| Wellington Region | $323,00 | up 5.9 % |
| Nelson / Marlborough | $280,000 | down 3.4 % |
| Canterbury / Westland | $266,050 | down 0.4% |
| Central Otago Lakes | $395,000 | down 11.2 % |
| Otago | $219,000 | up 4.3 % |
| Southland | $129,000 | up 3.2 % |