According to the Real Estate Institute of New Zealand, the average price of a house in New Zealand fell from $313,000 in July to $310,000 in August. Price are 7 percent higher than one year ago.
REINZ National President Howard Morley commented, “The heat that was evident a year or two ago has gone out of the market but equally we continue to believe there won’t be any wholesale reduction in property prices. The market is simply reflecting the ongoing demand for housing and while prices aren’t surging in the way they did in 2004, demand is largely underwriting prices at current levels”.
Seven out of the New Zealand’s twelve regions reported price rises in August.
House Price Changes
| Region | Median Price August |
Change since July |
| Northland | $265,000 | down 1.2 % |
| Auckland Region | $395,000 | up 1.3 % |
| Waikato / Bay of Plenty / Gisborne | $285,000 | up 0.0 % |
| Hawke’s Bay | $255,000 | up 0.8 % |
| Manawatu / Wanganui | $200,750 | down 2.1 % |
| Taranaki | $240,000 | up 0.0 % |
| Wellington Region | $335,875 | up 1.8 % |
| Nelson / Marlborough | $293,000 | down 1.5 % |
| Canterbury / Westland | $273,500 | up 1.2 % |
| Central Otago Lakes | $465,000 | up 17 % |
| Otago | $220,000 | up 3.8 % |
| Southland | $149,500 | up 4.2 % |