New Zealand’s average house price was $360,000 in December, an increase of $5,000 on last month and up from $328,500 in December 2008.
The number of properties sold fell, with 4,957 sales in December compared to 6,056 in November, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).
December house sales were up 15 percent compared with the same time last year, although they are still 40 percent lower than December 2006.
REINZ president, Peter McDonald said the residential property market is an appreciating market fuelled by a shortage of properties for sale:
“House prices have definitely stabilised and appear to be slightly gaining, which is a positive sign.”
- House prices are now 2.2 percent higher than in December 2007, when New Zealand’s median house price peaked previously at $352,000.
- House prices are 9.6 percent higher than 12 months ago, when New Zealand’s median house price was $328,500.
- The number of properties sold rose from 4,302 in December 2008 to 4,957 in December 2009.
- The average number of days to sell a house was 33, a significant improvement on the 45 days needed in December 2008.
On an annual basis, ten of the country’s twelve regions saw a rise in prices, one saw a fall and one was unchanged.
Annual New Zealand House Price Changes
| Region | Median Price December 2009 |
Change since December 2008 |
| Northland | $306,000 | down 5.0 % |
| Auckland Region | $470,000 | up 6.8 % |
| Waikato / Bay of Plenty / Gisborne | $320,000 | up 5.6 % |
| Hawkes Bay | $290,000 | up 9.6 % |
| Manawatu / Wanganui | $230,000 | up 2.9 % |
| Taranaki | $280,000 | up 7.7 % |
| Wellington Region | $400,000 | up 8.1 % |
| Nelson / Marlborough | $343,500 | up 14.5 % |
| Canterbury / Westland | $320,000 | up 7.0 % |
| Central Otago Lakes | $432,500 | up 1.2 % |
| Otago | $230,000 | 0.0 % |
| Southland | $184,000 | up 10.8 % |
| New Zealand | $360,000 | up 9.6 % |