New Zealand’s average house price rose to $359,000 in October, an increase of $9,000 compared with last month and also up $9,000 from October 2010.
The number of properties sold was down, with 5,007 sales in October compared to 5,235 in September, according to the Real Estate Institute of New Zealand (REINZ).
October house sales were up 28 percent, compared with the same time last year.
REINZ spokesperson, Helen O’Sullivan said “The volume figures for October suggests that the spring ‘lift’ widely expected in the real estate market has been muted, but so too has any impact from the Rugby World Cup and European uncertainty. Volumes are up strongly compared to this time last year, but that in part reflects a very weak October 2010 when sales volumes were amongst the lowest in the past 20 years.”
- House prices have increased from 12 months ago, when New Zealand’s median house price was $350,000.
- The number of properties sold rose from 3,903 in October 2010 to 5,007 in October 2011.
- The average number of days to sell a house was 35, a decrease on the 41 days needed in October 2010.
On an annual basis, seven of the country’s twelve regions saw a rise in prices and five saw a fall.
Annual New Zealand House Price Changes
| Region | Median Price October 2011 |
Change since October 2010 |
| Northland | $292,500 | down 7.1 % |
| Auckland Region | $465,000 | up 1.1 % |
| Waikato / Bay of Plenty / Gisborne | $315,475 | up 3.4 % |
| Hawkes Bay | $259,500 | down 9.7 % |
| Manawatu / Wanganui | $221,750 | down 4.8 % |
| Taranaki | $290,500 | up 1.9 % |
| Wellington Region | $392,500 | up 0.6 % |
| Nelson / Marlborough | $343,500 | up 7.3 % |
| Canterbury / Westland | $329,000 | up 4.4 % |
| Central Otago Lakes | $420,000 | up 9.1 % |
| Otago | $232,000 | down 5.3 % |
| Southland | $171,000 | down 7.6 % |
| New Zealand | $359,000 | up 2.6 % |