REINZ's national median price down in November but new highs were set in Waikato/Bay of Plenty and Wellington

REINZ's national median price down in November but new highs were set in Waikato/Bay of Plenty and Wellington

House prices were a mixed bag in November with the national median selling price falling very slightly for the second month in a row, according to the Real Estate Institute of New Zealand.

The national median selling price was $459,500 in November, down by the slightest of margins from October's median of $460,000 and more significantly down from the all-time high of $484,650 set in September.

Prices in Auckland were also uneven, with the regional median up compared to October but within the city, prices were down on the North Shore and within the former Auckland City boundaries, but up in other parts of the super city.

On the North Shore the median selling price dropped to $905,000 in November from $920,000 in October and $958,000 in September and in Central Auckland the median dropped to $830,000 from $850,000 in September and October.

However median prices rose strongly in Waitakere where the median was $711,500 in November compared to $705,000 in October and in Manukau where the median rose from $712,500 in October to $736,000 in November.

But the biggest price gain was in Rodney where the median jumped by 6.4%, from $738,000 in October to $785,000 in November.

New record median prices were set in Waikato/Bay of Plenty and in Wellington last month.

The number of sales remained steady, with 8048 homes selling throughout the country in November which was up 2.7% compared to October, and up 8.5% compared to November last year.

However on a seasonally adjusted basis the number of homes sold in November was down 2.6% compared to October and in Auckland the number of sales in November was down 11.5% compared to October.

REINZ chief executive Colleen Milne said the Auckland market continued to be challenged by a lack of supply and was also being influenced by new IRD requirements and revised LVR restrictions, which had slowed down some purchase decisions.

The most noticeable effect of the new rules had been a decline in auction rates, she said.

You can read the REINZ's reports for all region's of the country by clicking on the following link:

PDF iconREINZ Regional Commentary- November 2015.pdf

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

10 Comments

Comment Filter

Highlight new comments in the last hr(s).

So the index data is not even given out now days in the breif news report they do?

Auckland index was down 5% in Oct from sept, based on the crude median measure looks like the same again for nov

I guess they figure why report if it isn't backing up the story they want us to hear?

Greg / Interest team can you please publish the index each month?

REINZ's shiny new website no longer provides this data for non-members it seems.

Unfortunately the REINZ now charges for the Index, so it's no longer available for general publication.

I bet you it becomes free to the public again when the index starts going up

Slowly but surely. Rubbish will not be so easy to sell now so I presume well maintained houses in good locations are selling therefore the median and average prices will rise. Will be interesting to find out what number of entry level houses are selling now. Why would you buy now when there is a chance it will be cheaper next year.

$1.2 million NZD house today costs 5.2 million Yuan. Same house just over a year ago cost 6.5 million Yuan. So a 1.3 million Yuan discount for Auckland houses based on exchange rate alone, not including the year on year price drop which some prognosticators have been talking up.

If Auckland houses were a bargain for the Chinese a year ago then they must be at fire sale prices now, particularly considering the likely future devaluation of the Yuan.

so if they sold what they brought a year they lose

tough pill to swallow, but it's now an anonymous asset beyond the reach of the CCP. Mission accomplished.

haha, i suspected this REINZ data would show lower prices.

Also funny how it didnt make the news. It will come out eventually, but they will be able to say 'hey, its ok, we have lowered the OCR to fix it' - and many sheep will continue to believe house prices only go up.

This is a trend around the world, not just here eg over 40% YoY Hong Kong price collapse:
http://www.zerohedge.com/news/2015-12-03/hong-kong-housing-bubble-suffer...