Average NZ Property Price £122,100

Quotable Value, which gathers New Zealand housing statistics, has released its latest figures for house prices. Over the last three months, the average price in New Zealand has risen to £122,100 (NZ$348,886 ). The figures are not directly comparable with the UK’s prices because, unlike the UK, the average home in New Zealand is a detached bungalow.

New Zealand prices rose 9.2 percent over the past year.

QV spokesperson Glenda Whitehead said:

“The trend across the country continues to show steady growth in property values. Although the level of increase has been easing, a number of areas have seen a slight increase this month, typical of the real estate market through spring and early summer months. Supply and demand in most areas appears to be relatively evenly weighted.”

House Prices in New Zealand
Three Months Ending December 2006

Location	Average House Price (NZ$)	Average House Price (£)	Comments
Auckland City	$531,754	£186,114	Properties are generally continuing to sell within realistic time frames, and people in the market continue to see it as a good time to invest in the Auckland market, albeit with a greater degree of caution than in preceding years.
Hamilton	$328,540	£114,989	All parts of Hamilton experienced increases in growth rates with the largest increase recorded in South East Hamilton where the growth rate rose to 9.5% this month from 6.5% last month. Expectations are that sales activity will increase in January and February 2007. However, we are unlikely to see significant growth in sale prices.
Wellington City	$449,856	£157,450	The wider Wellington region experienced strong market conditions with the number of sales increasing and properties selling quickly. The Hutt Valley continues strong growth in property values with Lower Hutt increasing by 17.2% and Upper Hutt 16%. Wellington’s growth rate has eased slightly but has proved to be steady at the rate of 9.3%. Kapiti Coast and Porirua also showed steady growth rates of 13.9% and 12.9% respectively
Christchurch	$337,178	£118,012	The Christchurch market has held firm, with market activity relatively consistent throughout different sale price ranges. Sale activity appeared to be the strongest at the entry level segment of the market in the $200,000 to $300,000 price range.
Dunedin	$261,514	£91,530	Indications are that there is still reasonable demand in the $200,000 to $300,000 price range. Latest statistics show that 45% of residential sales fall within this range
Tauranga	$408,900	£143,115	After the two previous months of increasing growth rates, the growth rate remained stable at 3.4% for the period ending December. This is a continuation of a more positive direction, following on from the 8 months prior to October that had showed the rate of increase in property values was easing.

* Assumed exchange rate is NZ$1 = £0.35