January property statistics

The latest property report from REINZ shows that the median house price for New Zealand increased by 7.1% to $520,000, up from $485,500 in January 2017.

Auckland’s median price decreased by 1.2% to $820,000 down from $830,000 at the same time last year. The only other region to experience a price decrease year-on-year was West Coast, down 10.0% to $135,000.

The number of properties sold in Auckland increased 0.9% year-on-year to 1,157 up from 1,147.

Regions with the biggest increase in sales count year-on-year were:
• Nelson – up 27.9% (78 compared to 61 in January 2017)
• Canterbury – up 18.1% (607 compared to 514 in January 2017)
• Tasman – 15.8% (44 compared to 38 in January 2017)
• Gisborne – up 12.5% (36 compared to 32 in January 2017).

Looking at the decrease in median price in Auckland, much of the reduction is attributable to the decreases in Manukau City, Rodney District and Waitakere City which were down -10.2%, -4.3% and -2.8% respectively.