House prices were lumpy in May, with rises in 10 regions and declines in six, but flat overall, REINZ says

The national median house price was $540,000 in May, unchanged from April but still 6.7% ahead of May last year, according to the latest figures from the Real Estate Institute of New Zealand.

In Auckland, the median price was $865,000, up 1.6% compared to April and up 5% compared to May last year.

The median price for all other regions (excluding Auckland), was $430,000, down 1.1% compared to April but up 5% compared to May last year.

Within the Auckland region, May’s median price declined in three districts compared to April (Central Auckland, Franklin, Papakura), rose in three districts (Manukau, North Shore, Rodney) and was unchanged in Waitakere.

The median price rose in 10 regions around the country in May compared to April, (Northland, Auckland, Bay of Plenty, Manawatu-Whanganui, Taranaki, Nelson, Marlborough, West Coast and Southland) and declined in six (Waikato, Gisborne, Hawke’s Bay, Wellington, Canterbury and Otago). The interactive graphs below plot the changes in regional and national median prices.

The most surprising fall in price was in the Wellington region, where it slipped from $540,100 in April to $521,300 in April.

In Canterbury it dropped from $447,000 in April to $431,500 in May, which was below the May 2016 median of $440,000.

The number of residential properties sold throughout the country increased to 7354 in May from 5985 in April, but remained well below the 9009 sold in May last year.

The median number of days to sell increased to 37 in May from 34 in April and 32 in May last year.

Nationally, the total number of homes available for sale through REINZ members was flat compared to a year ago, but was up a huge 47% in Auckland, while in the rest of the country (excluding Auckland) the number of properties for sale decreased by 14% compared to a year ago.

Click on the following link for the REINZ’s full regional reports:

PDF iconREINZ Monthly Property Report – May 2017.pdf

Median price – REINZ

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New Zealand
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Volumes sold growth – REINZ

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