New Zealand’s average house price rose to $352,000 in June, an increase of $2,000 on last month and up from $340,000 in June 2009.
The number of properties sold was down, with 4,575 sales in June compared to 5,206 in May, according to the Real Estate Institute of New Zealand (REINZ).
June house sales were down by 24 percent, compared with the same time last year.
REINZ president, Peter McDonald said the forcast fall in house prices had not come to fruition:
“What we have is a genuine rather than a speculative market, with people seeking and buying homes to meet their own needs. The average gap between listing and selling prices last month was relatively small at only four to five per cent which indicates successful vendors are being realistic in assessing the market value of their home.”
- House prices are 3.5 percent higher than 12 months ago, when New Zealand’s median house price was $340,000.
- The number of properties sold fell from 6,040 in June 2009 to 4,575 in June 2010.
- The average number of days to sell a house was 45, an increase on the 41 days needed in June 2009.
On an annual basis, eight of the country’s twelve regions saw a rise in prices and four saw a fall.
Annual New Zealand House Price Changes
| Region | Median Price June 2010 |
Change since June 2009 |
| Northland | $280,000 | down 9.7 % |
| Auckland Region | $445,000 | up 2.3 % |
| Waikato / Bay of Plenty / Gisborne | $322,000 | up 1.0 % |
| Hawkes Bay | $285,000 | up 1.8 % |
| Manawatu / Wanganui | $219,000 | down 1.2 % |
| Taranaki | $285,000 | up 5.2 % |
| Wellington Region | $405,000 | up 8.0 % |
| Nelson / Marlborough | $347,000 | up 4.0 % |
| Canterbury / Westland | $325,000 | up 10.2 % |
| Central Otago Lakes | $415,000 | down 5.4 % |
| Otago | $228,000 | up 3.8 % |
| Southland | $172,000 | down 11.1 % |
| New Zealand | $352,000 | up 3.4 % |