New Zealand’s average house price rose to $367,500 in November, an increase of $8,500 compared with last month and also up $7,500 from November 2010.
This is a new record median house price for New Zealand and exceeds the previous record of $365,000 reached in March 2011.
The number of properties sold was up, with 6,008 sales in November compared to 5,007 in October, according to the REINZ.
November house sales were up 20 percent, compared with the same time last year.
REINZ spokesperson, Helen O’Sullivan said “The lift in volumes for November is positive following the somewhat muted sales numbers for September and October. While there may be some element of ‘catch up’ from these slightly quieter than expected months, there is a sense of buyers and sellers being ready to commit and clear the decks post Rugby World Cup before the end of the year.”
- House prices have increased from 12 months ago, when New Zealand’s median house price was $360,000.
- The number of properties sold rose from 5,138 in November 2010 to 6,008 in November 2011.
- The average number of days to sell a house was 35, a decrease on the 40 days needed in November 2010.
On an annual basis, six of the country’s twelve regions saw a rise in prices and five saw a fall and one was unchanged.
Annual New Zealand House Price Changes
| Region | Median Price November 2011 |
Change since November 2010 |
| Northland | $305,000 | down 1.6 % |
| Auckland Region | $490,000 | up 2.7 % |
| Waikato / Bay of Plenty / Gisborne | $310,000 | down 2.9 % |
| Hawkes Bay | $288,750 | up 7.3 % |
| Manawatu / Wanganui | $230,000 | down 1.1 % |
| Taranaki | $272,500 | up 2.8 % |
| Wellington Region | $383,250 | down 4.2 % |
| Nelson / Marlborough | $330,000 | unchanged |
| Canterbury / Westland | $335,000 | up 9.1 % |
| Central Otago Lakes | $405,000 | down 3.8 % |
| Otago | $245,000 | up 6.5 % |
| Southland | $196,000 | down 3.7 % |
| New Zealand | $367,500 | up 2.1 % |