New Zealand’s average house price was $355,000 in November, the same as last month’s record high and up from $337,500 in November 2008.
The number of properties sold was steady, with 6,056 sales in November compared to 6,091 in October, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).
November house sales were up 42 percent compared with the same time last year, although they are still 39 percent lower than November 2006.
REINZ president, Peter McDonald said the residential property market in New Zealand appears to have stabilised after last month’s all-time high national figures:
“The residential property sales market has remained steady and I believe it will firm even further as the economy recovers.”
- House prices are now 0.8 percent higher than in November 2007, when New Zealand’s median house price peaked previously at $352,000.
- House prices are 5.2 percent higher than 12 months ago, when New Zealand’s median house price was $337,500.
- The number of properties sold rose from 4,297 in November 2008 to 6,056 in November 2009.
- The average number of days to sell a house was 33, a significant improvement on the 44 days needed in November 2008.
On an annual basis, nine of the country’s twelve regions saw a rise in prices while three regions saw a fall.
Annual New Zealand House Price Changes
| Region | Median Price November 2009 |
Change since November 2008 |
| Northland | $341,000 | up 5.9 % |
| Auckland Region | $470,000 | up 10.6 % |
| Waikato / Bay of Plenty / Gisborne | $320,000 | up 5.9 % |
| Hawkes Bay | $275,000 | down 6.0 % |
| Manawatu / Wanganui | $230,000 | up 0.2 % |
| Taranaki | $277,000 | up 6.5 % |
| Wellington Region | $391,500 | up 6.1 % |
| Nelson / Marlborough | $326,000 | down 3.7 % |
| Canterbury / Westland | $310,000 | up 3.2 % |
| Central Otago Lakes | $441,000 | down 7.5 % |
| Otago | $240,000 | up 7.6 % |
| Southland | $182,000 | up 10.3 % |
| New Zealand | $355,000 | up 5.2 % |