Average NZ Property Price £125,360

Quotable Value has released January’s figures for New Zealand’s housing market. The average price of a house in New Zealand has risen to £125,360 (NZ$356,028). Last month’s figures were £122,100 (NZ$348,886 ). New Zealand’s average house prices are not directly comparable with the UK’s because, unlike the UK, the average home in New Zealand is a detached bungalow.

QV spokesperson Blue Hancock said:

“Looking back over 2006, we reported annual increases of 16.8% in January last year. The 8.8% reported this month, whilst still a healthy rate of increase, does reflect a gradual easing in pressure on property prices.”

“Strong migration figures, a stable cash rate and lower unemployment figures are all contributing to a continuation of higher prices in the residential market.”

House Prices in New Zealand
Three Months Ending January 2007

Location	Average House Price (NZ$)	Average House Price (£)	Comments
Auckland Region	$462,245	£162,762	Auckland Central, which encompasses Pt Chevalier across Ponsonby, Herne Bay and to the CBD area and Parnell, showed just 0.1% growth, with an average sale price of $502,892. This area includes both high value property within the suburbs, and lower value apartments in the CBD. Rodney has an average sale price of $483,012. North Shore’s average sale price is $545,417. For Manukau, well priced properties are selling within relatively short periods. In Waitakere demand in the cheaper areas such as Ranui, Glen Eden, and Kelston appears to be slowing, while medium to high value areas like Te Atatu, Henderson, West Harbour and Titirangi are still attracting fairly good demand.
Hamilton	$328,623	£115,712	Demand for residential property and growth in all parts of Hamilton strengthened in January.
Wellington City	$464,895	£163,695	The wider Wellington market continues to move ahead with no sign of easing. The number of transactions persists at high levels. Properties are selling quickly and in most areas, prices have increased. The Hutt Valley leads the market with annual value growth over 17% whilst Kapiti and Porirua are holding at about 13%. Wellington City, though at a lower rate of 9.7%, has an increase of $15,000 in the average sale price from last month, second only to Kapiti with a $19,000 increase.
Christchurch	$338,467	£119,178	Within Christchurch City, the Eastern suburbs showed annual growth moving from an 8.5% in December 2006 to 9.5% in January 2007. This lines up with anecdotal evidence of a healthy market in this part of the city. Contrasting with this is a decline in year on year movements for the hill suburbs moving from 9.4% in December to 5.9% in January.
Dunedin	$263,111	£92,645	The market in Dunedin is very much steady as she goes. Demand appears to be strong in the first home and investment market up to $300,000, which accounts for 75% of the residential sales in Dunedin. There is a number of listings for higher priced properties and the perception is that demand for these has eased somewhat in recent months.
Tauranga	$407,926	£143,636	January 2007 is the first month since September 2006 that the annual growth rate in Tauranga property values has decreased. It is too early to suggest a trend of easing prices, especially in light of the current market conditions with realistically priced homes selling well and a firm level of activity.

* Assumed exchange rate is £1 = NZ$2.84