Figures released today by the Real Estate Institute of New Zealand indicate the average house price increased from $349,000 to $350,000 between April and May 2007.
- House prices are 14.8 percent higher than one year ago, when New Zealand’s median house price was $305,000.
- Sales of properties fell from 9,642 in May 2006 to 9,285 in May 2007.
- Average number of days to sell a house fell from 38 in May 2006 to 30 in May 2007.
REINZ National President Mr. Murray Cleland commented:
“Whether it’s the gathering interest rate clouds or the market anticipating the increase in the Official Cash Rate last week, the market is showing signs of taking a breather.
“But this month’s relatively modest increase has to be seen against the background of the median price over the previous four months which increased from $335,000 in February to $343,500 in March, then $349,000 in April.”
Seven out of the New Zealand’s twelve regions reported price rises in May, while five reported falls.
House Price Changes
| Region | Median Price May |
Change since April |
| Northland | $330,000 | up 3.1 % |
| Auckland Region | $450,000 | down 0.4 % |
| Waikato / Bay of Plenty / Gisborne | $315,000 | up 0.8 % |
| Hawke’s Bay | $277,000 | down 1.1 % |
| Manawatu / Wanganui | $222,000 | down 3.5 % |
| Taranaki | $281,000 | up 2.2 % |
| Wellington Region | $385,000 | up 1.9 % |
| Nelson / Marlborough | $328,000 | down 0.7 % |
| Canterbury / Westland | $305,000 | down 1.6 % |
| Central Otago Lakes | $485,000 | up 12.8 % |
| Otago | $240,000 | up 5.7 % |
| Southland | $177,500 | up 7.6 % |