New Zealand’s average house price fell to $350,000 in May, a decrease of $6,000 on last month but up from $337,500 in May 2009.
The number of properties sold was only one down, with 5,206 sales in May compared to 5,207 in April, according to the Real Estate Institute of New Zealand (REINZ).
May house sales were down by 17 percent, compared with the same time last year.
REINZ president, Peter McDonald said the housing market was retaining its strength and prices were staying stable:
“With tax changes and interest rates now settled, property investors are already talking about returning to the market to cater for the growing demand for domestic rentals.”
- House prices are 3.7 percent higher than 12 months ago, when New Zealand’s median house price was $337,500.
- The number of properties sold fell from 6,291 in May 2009 to 5,206 in May 2010.
- The average number of days to sell a house was 43, an increase on the 42 days needed in May 2009.
On an annual basis, ten of the country’s twelve regions saw a rise in prices and two saw a fall.
Annual New Zealand House Price Changes
| Region | Median Price May 2010 |
Change since May 2009 |
| Northland | $325,000 | up 6.0 % |
| Auckland Region | $455,000 | up 1.1 % |
| Waikato / Bay of Plenty / Gisborne | $307,000 | down 1.6 % |
| Hawkes Bay | $276,000 | up 6.0 % |
| Manawatu / Wanganui | $225,000 | up 2.3 % |
| Taranaki | $275,000 | up 5.4 % |
| Wellington Region | $385,000 | up 1.3 % |
| Nelson / Marlborough | $330,000 | down 0.1 % |
| Canterbury / Westland | $303,750 | up 6.6 % |
| Central Otago Lakes | $432,000 | up 1.1 % |
| Otago | $230,000 | up 4.5 % |
| Southland | $197,000 | up 9.4 % |
| New Zealand | $350,000 | up 3.7 % |