Latest figures from the Real Estate Institute of New Zealand show the average house price in New Zealand fell from $350,000 to $347,000 between May and June 2007.
- House prices are 12.1 percent higher than a year ago, when New Zealand’s median house price was $310,000.
- Sales of properties fell from 8,428 in June 2006 to 7,474 in June 2007. Starting with the June 2007 figures, the Real Estate Institute has started reported its figures about a week earlier than previously. As a result, the number of sales in June 2007 is down mainly because one week’s fewer sales have been counted in June 2007 than in June 2006.
REINZ National President Mr. Murray Cleland said he felt that prices were easing, partly through seasonal factors and partly because of higher mortgage interest rates, but that underlying any weakness was the reality that the country was short of housing, especially at the affordable end of the market.
Five out of the New Zealand’s twelve regions reported price rises in June, while seven reported falls.
House Price Changes
| Region | Median Price June |
Change since May |
| Northland | $315,000 | down 4.5 % |
| Auckland Region | $445,000 | down 1.1 % |
| Waikato / Bay of Plenty / Gisborne | $325,000 | up 3.2 % |
| Hawke’s Bay | $268,100 | down 3.2 % |
| Manawatu / Wanganui | $248,000 | up 1.1 % |
| Taranaki | $265,000 | down 5.7 % |
| Wellington Region | $375,000 | down 2.6 % |
| Nelson / Marlborough | $335,000 | up 2.1 % |
| Canterbury / Westland | $305,250 | up 0.1 % |
| Central Otago Lakes | $420,000 | down 13.4 % |
| Otago | $230,000 | down 4.2 % |
| Southland | $177,750 | up 0.4 % |