The latest figures from the Real Estate Institute of New Zealand indicate New Zealand’s average house price increased from $343,500 to $349,000 between March and April 2007.
- House prices are 14.4 percent higher than one year ago, when New Zealand’s median house price was $305,000.
- Sales of properties increased from 7,576 in April 2006 to 8,194 in April 2007.
- Average number of days to sell a house fell from 34 in April 2006 to 28 in April 2007.
Commenting on the impact of the recent interest rate rise, REINZ National President Mr. Murray Cleland commented:
“The market seems to have shrugged off the recent OCR [interest rate] increase and consequent mortgage interest rate rises, suggesting that the real issue is one of demand – too many people trying to buy too few houses with the result that prices are being pushed up… Migration is a major factor in the housing shortage and the rising prices which are pushing home ownership out of reach of many people.”
Nine out of the New Zealand’s twelve regions reported price rises in April, two reported falls, and one was unchanged.
House Price Changes
| Region | Median Price April |
Change since March |
| Northland | $320,000 | up 4.6 % |
| Auckland Region | $452,000 | up 2.0 % |
| Waikato / Bay of Plenty / Gisborne | $312,500 | down 2.3 % |
| Hawke’s Bay | $280,000 | up 4.5 % |
| Manawatu / Wanganui | $230,000 | no change |
| Taranaki | $275,000 | up 5.6 % |
| Wellington Region | $377,900 | up 0.8 % |
| Nelson / Marlborough | $330,300 | up 1.2 % |
| Canterbury / Westland | $310,000 | up 3.3 % |
| Central Otago Lakes | $430,000 | up 3.4 % |
| Otago | $227,000 | down 1.3 % |
| Southland | $164,500 | up 4.8 % |