According to the Real Estate Institute of New Zealand, the average price of a house in New Zealand rose to $313,000 in September from $310,000 in August. Price are 8 percent higher than one year ago.
REINZ National President Murray Cleland commented, “The market is moving in a pretty narrow price band and it would be nice to see it break the habit next month, which is a possibility as historically the market tends to build confidence and strength in the run up towards Christmas”.
“The inflationary price expectation has gone now and the market is reflecting basic housing demand issues and of course the recent big increases in construction costs which inevitably feed into the price of existing housing stock, as people make that comparison when deciding to build or acquire an existing property.”
In the last 12 months, the regions experiencing the highest growth in house prices have been Manawatu / Wanganui (up 20 percent,) Nelson / Marlborough (up 18 percent,) Taranaki (up 11 percent,) and Wellington up 11 percent.
Eight out of the New Zealand’s twelve regions reported price rises in September.
House Price Changes
| Region | Median Price September |
Change since August |
| Northland | $280,000 | up 5.7 % |
| Auckland Region | $397,500 | up 0.6 % |
| Waikato / Bay of Plenty / Gisborne | $287,500 | up 0.9 % |
| Hawke’s Bay | $260,000 | up 2.0 % |
| Manawatu / Wanganui | $210,000 | up 4.6 % |
| Taranaki | $250,000 | up 4.2 % |
| Wellington Region | $329,000 | down 2.0 % |
| Nelson / Marlborough | $310,000 | up 5.8 % |
| Canterbury / Westland | $278,000 | up 1.7 % |
| Central Otago Lakes | $441,000 | down 5.2 % |
| Otago | $216,000 | down 1.8 % |
| Southland | $140,000 | down 6.4 % |