New Zealand’s average house price rose to $350,000 in September, up from $346,750 in August and $330,000 September 2008.
The number of properties sold was also up, with 6,464 sales in September compared to 5,878 in August, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).
September house sales were up 44 percent compared with the same time last year, although they are still 25 percent lower than September 2006.
REINZ president, Peter McDonald said the figures indicate improved confidence from buyers and sellers.
“We’re seeing a slow, but steady, appreciation in sale values and we’re now back to the prices being fetched in the corresponding period in 2007 when the median was $351,500,” he added.
- House prices are now 0.6 percent lower than in November 2007, when New Zealand’s median house price peaked at $352,000.
- House prices are 6 percent higher than 12 months ago, when New Zealand’s median house price was $330,000.
- The number of properties sold rose from 4,499 in September 2008 to 6,464 in September 2009.
- The average number of days to sell a house was 33, a significant improvement on the 52 days needed in September 2008.
On an annual basis, nine of the country’s twelve regions saw a rise in prices and three regions saw a fall in prices.
Annual New Zealand House Price Changes
| Region | Median Price September 2009 |
Change since September 2008 |
| Northland | $285,000 | down 4.2 % |
| Auckland Region | $455,000 | up 8.3 % |
| Waikato / Bay of Plenty / Gisborne | $315,000 | up 0.2 % |
| Hawkes Bay | $265,000 | down 2.5 % |
| Manawatu / Wanganui | $225,250 | up 0.1 % |
| Taranaki | $283,000 | up 10.3 % |
| Wellington Region | $378,168 | up 8.0 % |
| Nelson / Marlborough | $337,125 | up 5.4 % |
| Canterbury / Westland | $311,500 | up 7.4 % |
| Central Otago Lakes | $405,000 | down 15.6 % |
| Otago | $237,000 | up 7.0 % |
| Southland | $189,500 | up 1.3 % |
| New Zealand | $350,000 | 6.1 % |