The average house price in New Zealand fell slightly from $351,500 to $350,000 between September and October 2007.
- House prices are 8 percent higher than a year ago, when New Zealand’s median house price was $324,000.
- Sales of properties fell from 8,857 in October 2006 to 6,854 in October 2007. This was the lowest number of sales in October for six years.
- The average number of days to sell a house was 34, compared with 29 in October 2006.
REINZ National President Mr. Murray Cleland commented:
“Some of the regional statistics are being unduly influenced by low volumes and generally areas where prices are holding up are the likes of Auckland Region and Auckland Metropolitan where the regional price is up from $441,500 in September to $445,000 in October, while the Auckland Metropolitan prices, which might have been expected to fall, hung on steadfastly with an unchanged median of $445,000.”
Mr Cleland said Northland and Hawkes Bay were examples of areas where low sales volumes were skewing median prices.
Compared with prices in September, four out of New Zealand’s twelve regions reported price rises in October, and eight reported falls.
Annual NZ House Price Changes
| Region | Median Price October 2007 |
Change since October 2006 |
| Northland | $310,000 | up 1.2 % |
| Auckland Region | $445,000 | up 7.2 % |
| Waikato / Bay of Plenty / Gisborne | $329,000 | up 9.5 % |
| Hawke’s Bay | $262,000 | down 5.2 % |
| Manawatu / Wanganui | $233,250 | up 8.5 % |
| Taranaki | $262,250 | up 2.8 % |
| Wellington Region | $365,000 | up 2.8 % |
| Nelson / Marlborough | $347,000 | up 12 % |
| Canterbury / Westland | $310,000 | up 9.0 % |
| Central Otago Lakes | $545,000 | up 26.7 % |
| Otago | $235,000 | up 2.2 % |
| Southland | $186,000 | up 24.0 % |
| New Zealand | $350,000 | up 8.0 % |