New Zealand’s average house price fell to $349,000 in July, a decrease of $3,000 on last month but up from $340,000 in July 2009.
The number of properties sold was down, with 4,411 sales in July compared to 4,575 in June, according to the Real Estate Institute of New Zealand (REINZ).
July house sales were down by 27 percent, compared with the same time last year.
REINZ spokesperson, Peter Thompson said “We are seeing a similar pattern to last month with sales volumes down but prices remaining stable in contradiction of predictions of a falling market.. Good sales are still being made and properties priced right are attracting a lot of attention and are selling.”
- House prices are 2.6 percent higher than 12 months ago, when New Zealand’s median house price was $340,000.
- The number of properties sold fell from 6,014 in July 2009 to 4,411 in July 2010.
- The average number of days to sell a house was 45, an increase on the 37 days needed in July 2009.
On an annual basis, seven of the country’s twelve regions saw a rise in prices and four saw a fall and one was unchanged.
Annual New Zealand House Price Changes
| Region | Median Price July 2010 |
Change since July 2009 |
| Northland | $307,500 | down 2.5 % |
| Auckland Region | $450,000 | up 2.27 % |
| Waikato / Bay of Plenty / Gisborne | $315,000 | down 1.6 % |
| Hawkes Bay | $265,000 | down 2.4 % |
| Manawatu / Wanganui | $232,000 | up 3.5 % |
| Taranaki | $292,000 | up 4.2 % |
| Wellington Region | $385,000 | up 4.1 % |
| Nelson / Marlborough | $327,000 | no change |
| Canterbury / Westland | $310,000 | up 4.4 % |
| Central Otago Lakes | $390,000 | down 4.9 % |
| Otago | $245,000 | up 9.9 % |
| Southland | $210,000 | up 10.5 % |
| New Zealand | $349,000 | up 2.6 % |