Real Estate Institute of New Zealand figures indicate New Zealand’s average house price increased from $335,000 to $343,500 between February and March 2007.

• House prices are 13.7 percent higher than one year ago, when New Zealand’s median house price was $302,000.
• Sales of properties increased from 10,039 in March 2006 to 10,989 in March 2007.
• Average number of days to sell a house fell from 33 in March 2006 to 27 in March 2007.

REINZ National President Mr Murray Cleland commented:

“Both the Auckland market and the national market overall are clearly not prepared to be subdued by the OCR [interest rate] increase. Most mortgages are on a fixed rate so many people take the view that whatever pain they will eventually endure from rising mortgage interest rates, is at least postponed until their fixed rate mortgages roll over.”

Seven out of the New Zealand’s twelve regions reported price rises in March, five reported falls, and one was unchanged.

House Price Changes