Sales prices
Updated: 12 February 2010
National house price growth in December and January exceeds growth in earlier months
According to REINZ, the median house price in New Zealand as a whole increased by 7.7 percent from $325,000 in January 2009 to $350,000 in January 2010, after a 5.2 percent increase in the year to November 2009 and a 9.6 percent increase in the year to December 2009.
In Auckland, the median house price grew by 6.8 percent in the year to January 2010; following on from an increase of 10.6 percent in the year to November 2009, and 6.8 percent in the year to December 2009. However, Auckland house prices fell by almost $20,000 between December 2009 and January 2010, though this may be due to seasonal variation.
Figure 11: Median sale price of residential property (to January 2010)
Source: Real Estate Institute of New Zealand
The value of New Zealand’s total housing stock1 peaked at $616 billion in the March 2008 quarter, and then fell to $568 billion in the December 2008 quarter. The value of the housing stock was $591 billion in the September 2009 quarter, a 1.5 percent increase from the September 2008 quarter.