New Zealand’s average house price rose to $340,000 in April 2009, up $5,000 from the previous month.

This is the third month in a row property prices have risen, according to figures from the Real Estate Institute.

The number of properties sold fell, from 6,694 in March to 6,210 in April.

April house sales are up 40 percent compared with the same time last year, although they are still 24 percent lower than April 2007.

REINZ president, Mike Elford, said the figures reinforce a certain level of stability in relation to price and turnover, and are pleasing particularly as April is traditionally a slower month due to school holidays and seasonal adjustments.

“The figures are not hugely significant, but enough to generate a degree of optimism about the way forward from here,” Mr Elford says.

• House prices are now 3.4 percent lower than in November 2007, when New Zealand’s median house price peaked at $352,000.
• House prices are now 1.4 percent lower than 12 months ago, when New Zealand’s median house price was $345,000.
• The number of properties sold rose from 4,450 in April 2008 to 6,210 in April 2009.
• The average number of days to sell a house was 42, two days less than in April 2008.

On an annual basis, ten of the country’s twelve regions saw a fall in prices. Prices were up in one region and unchanged in another.

Note: The figures below, sourced from REINZ, are curious in that the overall annual price fall nationally seems lower than expected, given the size of the regional price falls.

Annual New Zealand House Price Changes