Average NZ Property Price £135,014

 
 
April 19th, 2007 • Related • Filed Under

Quotable Value has released March’s figures for New Zealand’s housing market. The average price of a house in New Zealand has risen to £135,014 (NZ$363,188). Last month’s figure was £130,113 (NZ$363,017 ). 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 Mark Dow said:

“The residential market is again showing strong signs on the back of buoyant demand. General economic confidence is high and the employment picture is positive with low unemployment figures. Buyers appear to continue to show confidence in the market and are willing to pay higher prices.”

House Prices in New Zealand
Three Months Ending March 2007

Location Average House Price (NZ$) Average House Price (£) Comments
Auckland Region $462,028 £171,576 Property values in the Auckland region grew 7.5% up from 6.9% last month. The Auckland region, from Rodney through to Franklin, has continued to show positive annual growth, with most cities and districts showing slightly higher growth rates compared to last month. This positive trend was also shown in the average sale prices reported in most areas. The bulk of sales continues to occur in the under $500,000 bracket in the Auckland region. North Shore, Auckland and Manukau cities show greater sales volumes for properties over $600,000. Land values have risen significantly in recent years in the more desirable suburbs such as Takapuna and Devonport on the North Shore, Herne Bay, Remuera and the Eastern Bays within Auckland City, and the coastal suburbs such as Bucklands Beach and the bays within Manukau.
Hamilton $338,226 £125,734 Annual growth in property values in Hamilton remained stable for the period ending March at 12.2%. All areas of the city experienced marginal changes from what was reported last month with North East Hamilton up to 11.9% and Central City/North West Hamilton to 11.8%. South East Hamilton and South West Hamilton eased marginally to 11.2% and 10.6% respectively
Wellington Region $479,487 £178,247 Wellington’s property market continues to climb with annual growth the highest since May last year of 13.5%. The strongest annual growth in the region was experienced in Lower Hutt with property values growing at 16.5%. Within Wellington City, the Central City/Southern Suburbs area had the lowest increase at 9.7%, but still achieved an average sale price increase of over $50,000 over the past year. The highest increase in sale prices was in the Western suburbs of the city (including Karori, Northland, and Kelburn) where average sale prices have increased annually by $100,000 to $562,530.
Christchurch $349,121 £129,784 Christchurch property values increased by 10.7% over the past year, up from 9.8% reported last month. The provincial areas of Canterbury and Westland provided mixed results with Waimakariri, Ashburton, Timaru and Buller recording increases in growth rates, offset by easing growth in Hurunui, Banks Peninsula, Selwyn, Waimate, Grey and Westland.
Dunedin $261,388 £97,170 Dunedin residential property values increased by 7.3% up from 6.1% last month. Growth is
steady across most areas in Dunedin, with the Peninsular/Coastal part of the city experiencing the highest growth rate of 11.4% this month.
Tauranga $414,165 £153,964 Tauranga property values grew 2.4% up from 2.0% reported last month and back to the same level reported in January. There have only been small fluctuations in annual growth over the past few months, reflecting a stable property market.

* Assumed exchange rate is £1 = NZ$2.69

 

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