The average house price in New Zealand fell from $347,500 to $345,000 between June and July 2007.
- House prices are 10.4 percent higher than a year ago, when New Zealand’s median house price was $312,500.
- Sales of properties fell from 7,761 in July 2006 to 6,660 in July 2007.
- Average number of days to sell a house fell from 35 in July 2006 to 31 in July 2007.
REINZ National President Mr. Murray Cleland commented:
“At best you could say the July residential property market was ’seasonally challenged’ and overall the national median price figure was a pretty good performance given that we are in the depth of winter when the market is always at its lowest ebb.”
“While some of the regional figures look a bit disconcerting, we don’t believe the market is going into a full-scale retreat, with the chances that the next two warmer months will witness a recovery of median prices in many of the areas which fell in this latest month.”
Five out of the New Zealand’s twelve regions reported price rises in June, six reported falls and one was unchanged.
House Price Changes
| Region | Median Price July |
Change since June |
| Northland | $316,500 | up 0.4 % |
| Auckland Region | $445,000 | unchanged |
| Waikato / Bay of Plenty / Gisborne | $320,000 | down 1.5 % |
| Hawke’s Bay | $287,000 | up 7.0 % |
| Manawatu / Wanganui | $230,000 | down 7.3 % |
| Taranaki | $255,000 | down 3.8 % |
| Wellington Region | $360,000 | down 4.0 % |
| Nelson / Marlborough | $320,000 | down 4.5 % |
| Canterbury / Westland | $310,000 | up 1.6 % |
| Central Otago Lakes | $452,500 | up 7.7 % |
| Otago | $227,875 | down 0.9 % |
| Southland | $185,000 | up 4.1 % |