Sales prices
Updated: 20 November 2009
House price growth continues in October at a similar rate to August and September
According to REINZ, the median house price in New Zealand as a whole increased by 6.0 percent from $335,000 in October 2008 to $355,000 in October 2009, after a 6.1 percent increase in the year to September 2009 and a 5.1 percent increase in the year to August 2009.
In Auckland, the median house price grew by 5.1 percent in the year to October 2009; following on from an increase of 8.3 percent in the year to September 2009, and 6.3 percent in the year to August 2009.
Figure 11: Median sale price of residential property (to September 2009)
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. However, the value of the housing stock has since decreased to $578 billion in the June 2009 quarter. The annual rate of decrease in value was 2.4 percent from June 2008 to June 2009 quarters.