New Zealand’s average house price fell to $350,000 in September, a decrease of $5,000 compared with last month and unchanged from September 2010.
The number of properties sold was up, with 5,235 sales in September compared to 5,192 in August, according to the Real Estate Institute of New Zealand (REINZ).
September house sales were up 21 percent, compared with the same time last year.
REINZ spokesperson, Helen O’Sullivan said “There is clear evidence from across the country that buyers are very focused on value and are well informed about what they can afford and are prepared to pay. We’re seeing is a very interesting market with listings improving though still reported as tight, plenty of buyer interest but only on a very rational basis – there is no appetite on the part of buyers to overpay or rush to purchase.”
- House prices are unchanged from 12 months ago, when New Zealand’s median house price was $350,000.
- The number of properties sold rose from 4,323 in September 2010 to 5,235 in September 2011.
- The average number of days to sell a house was 37, a decrease on the 43 days needed in September 2010.
On an annual basis, four of the country’s twelve regions saw a rise in prices, seven saw a fall and one was unchanged.
Annual New Zealand House Price Changes
| Region | Median Price September 2011 |
Change since September 2010 |
| Northland | $290,000 | down 3.3 % |
| Auckland Region | $475,000 | up 5.6 % |
| Waikato / Bay of Plenty / Gisborne | $300,000 | down 4.6 % |
| Hawkes Bay | $270,750 | up 2.2 % |
| Manawatu / Wanganui | $220,000 | up 1.6 % |
| Taranaki | $261,500 | down 3.0 % |
| Wellington Region | $380,000 | down 4.6 % |
| Nelson / Marlborough | $326,000 | down 1.2 % |
| Canterbury / Westland | $311,500 | up 4.7 % |
| Central Otago Lakes | $385,000 | down 17.2 % |
| Otago | $230,000 | unchanged |
| Southland | $171,000 | down 7.6 % |
| New Zealand | $350,000 | unchanged |