New Zealand’s average house price remained at $350,000 in February, unchanged from January, and was up from $330,000 in February 2009.
The number of properties sold rose, with 5,029 sales in February compared to 3,666 in January, according to the Real Estate Institute of New Zealand (REINZ).
February house sales were down by 4 percent, compared with the same time last year.
REINZ president, Peter McDonald said it was pleasing to see residential property sales turnover return to normal levels for a February:
“We are seeing a good supply of listings and high levels of inquiry so we expect the market to remain reasonably balanced and maybe strengthen as we move into the autumn months.”
- House prices are 6.1 percent higher than 12 months ago, when New Zealand’s median house price was $330,000.
- The number of properties sold fell from 5,228 in February 2009 to 5,029 in February 2010.
- The average number of days to sell a house was 46, a significant improvement on the 62 days needed in February 2009.
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 February 2010 |
Change since February 2009 |
| Northland | $305,000 | no change |
| Auckland Region | $453,500 | up 7.6 % |
| Waikato / Bay of Plenty / Gisborne | $320,000 | up 1.3 % |
| Hawkes Bay | $285,000 | up 6.7 % |
| Manawatu / Wanganui | $233,000 | up 1.3 % |
| Taranaki | $285,000 | up 9.6 % |
| Wellington Region | $392,000 | up 4.5 % |
| Nelson / Marlborough | $330,000 | up 2.2 % |
| Canterbury / Westland | $304,500 | up 5.0 % |
| Central Otago Lakes | $435,000 | up 2.4 % |
| Otago | $222,000 | down 0.4 % |
| Southland | $190,000 | up 5.6 % |
| New Zealand | $350,000 | up 6.1 % |