NEWS RELEASE

12 December 2016

Sale prices and volumes show Spring growth
Median house prices and sales volumes have grown across New Zealand during November, according
to the latest figures released today by REINZ, source of the most recent, complete and accurate real
estate data in New Zealand.
10 of 12 regions in New Zealand hit new record high median sale prices in November 2016, with the
national median price also reaching a new record median of $520,000, and all but two regions showed
double-digit percentage growth.
Only Auckland and Central Otago Lakes did not post new record median prices. Auckland eased back
from a record in October, and Central Otago Lakes median continued to ease following its rapid price
increase earlier in the year.
The number of sales for November 2016 was 7,576, an increase of 13% on October. Sales volumes fell
6% compared to November 2015. On a seasonally adjusted basis sales for November fell less than 1%.
KEY DATA SUMMARY:
National median
house price yearon-year

National
National ex
Auckland
Auckland

$520,000 - up from $459,500 +13.2% year-on-year
$415,000 - up from $375,000 +10.7% year-on-year
$851,944 - up from $765,000 +11.4% year-on-year

Seasonally
adjusted median
house price

National
Auckland

Down 0.2% on October 2016 and up 13% year-on-year
Down 4% on October 2016 and up 11% year-on-year

Month-on-month
median house
price

National
National exAuckland
Auckland

$520,000 – up 2% on October: $510,000
$415,000 - up 4% on October: $400,175
$851,944 – down 2% on October: $868,000

National
Auckland

32 – steady year-on-year
34 – up one day year-on-year

Median days to
sell
Other changes
of note

Inventory is continuing to decline nationwide, with an 8% fall in properties
available for sale year-on-year and two regions with less than 12 weeks of
supply. Wellington has nine weeks of supply available and Hawke’s Bay has
11 weeks supply. Spring listings have eased the inventory position
somewhat, but all regions saw a decline in inventory in November.

Real Estate Institute of New Zealand (REINZ) spokesperson Bryan Thomson says: “Sales volumes and
prices have recovered in November. For the first time, our map has been dark blue across the entire
country, depicting strong year-on-year price growth or record prices in every region, and double-digit
growth across the entire North Island. The nationwide median price has also hit a new high.
“Auckland prices eased back in November after hitting a record high in October. However, the
underlying trend of Auckland prices remains steadily upward, rising by $269,944 at a compound annual
growth rate of 13.2% since the introduction of the first set of LVR rules in October 2013. Over the past
year, the median house price in Auckland has risen by $86,944. Outside Auckland, the median price
has increased by $83,800 since October 2013, at a compound annual growth rate of 7.6%.

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 “Sales volumes are also up 13% on October across New Zealand, with some parts of the country seeing
solid volume growth month-on-month, including Manawatu/Wanganui (30%), Northland (22%), Waikato/
Bay of Plenty (19%), and Hawke’s Bay (24%). Despite the earthquakes, sales volumes and median
prices also rose in Nelson/Marlborough and Canterbury/Westland. Wellington volumes declined by1% on
October, although the median price in the region hit $500,000 for the first time.
“The decline in the number of properties for sale year-on-year continues, but the rate of decline is
easing as Spring has progressed.”
Sales volumes
There were 7,576 unconditional residential sales in November, representing a 13% increase on October
but a 6% decrease on November 2015. On a seasonally adjusted basis, the number of sales fell less
than 1% from October to November.
Median prices jump, led by the regions
The national median house price rose $60,500 (+13%) yearon-year, to set a new record median of $520,000. Compared
to October the national median house price rose $10,000
(+2%). Central Otago Lakes recorded the largest percentage
increase in median price compared to November 2015, at
32%, followed by Nelson/Marlborough at 24% and
Waikato/Bay of Plenty at 20%.
Auction sales steady
There were 1,779 dwellings sold by auction nationally in
November, representing 24% of all sales and a decrease of
11 (-1%) on the number of auctions in November 2015.
Transactions in Auckland represented 55% of national
auction sales, with the number of auctions in Waikato/Bay of
Plenty representing 19% of national auction sales. The
number of auction sales in Wellington, Canterbury/Westland and Waikato/Bay of Plenty increased 69%
compared to November 2015.
Pressure on stock grows, inventory and days to sell falls
The number of properties available for sale across all regions in New Zealand fell 5,722 (-19%) between
November 2015 and November 2016. Wellington has the fewest properties for sale with nine weeks of
supply, closely followed by Hawke’s Bay with under 11 weeks supply. Across the country there is just
under four months of supply, with all regions seeing a decline in availability between November 2015
and November 2016.
The number of days to sell remained steady at 32 days compared to November 2015, although the
regions have seen some significant movements with five regions seeing an increase in the number of
days to sell and seven regions a decrease. Otago and Southland had the shortest number of days to
sell in November at 25 days followed by Manawatu/Wanganui and Wellington at 26 days.
Million dollar homes show largest increase in volumes
Between November 2015 and November 2016, the number of homes sold for more than $1 million rose
by 32% to 1,106 homes to equal almost 15% of all dwellings sold. The number of dwellings sold under
$600,000 has declined by 977 between November 2015 and November 2016 compared to a fall of 472
for all dwellings.
For regional commentary and tables, please see the accompanying report.

- ENDS Note to Editors:

www.reinz.co.nz

 The monthly REINZ residential sales reports remain the most recent, complete and accurate statistics on house
prices and sales in New Zealand. They are based on actual sales reported by real estate agents. These sales are
taken as of the date that a transaction becomes unconditional, up to 5:00pm on the last business day of the
month. Other surveys of the residential property market are based on information from Territorial Authorities
regarding settlement and the receipt of documents by the relevant Territorial Authority from a solicitor. As such,
this information involves a lag of four to six weeks before the sale is recorded.
*Seasonal adjustment is a statistical technique that attempts to measure and remove the influences of predictable
seasonal patterns to reveal how the market changes over time.

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 Further Data:
Across New Zealand the total value of residential sales, including sections, was $5.142 billion in
November, compared to $4.737 billion in November 2015 and $4.497 billion in October. For the 12
months ended November 2016 the total value of residential sales was $58.425 billion. The breakdown
of the value of properties sold in November 2016 compared to November 2015 is:
November 2016
$1 million plus
$600,000 to $999,999
$400,000 to $599,999
Under $400,000
All Properties Sold

1,106
2,034
1,890
2,546
7,576

November 2015
14.6%
26.8%
24.9%
33.6%
100.0%

833
1,802
2,130
3,283
8,048

10.4%
22.4%
26.5%
40.8%
100.0%

November 2016 has seen the highest percentage of sales over $1 million recorded and the fourth
highest in terms of total number of sales over $1 million.
Seasonally Adjusted Sales Volumes
SeasonallyAdjustedSalesVolumes
Compared to October
Compared to November 2015
Seasonally
Seasonally
Volume
Volume
Adjusted
Adjusted
Change
Change
Change
Change
New Zealand

12.6%

-0.2%

-5.9%

Auckland

12.4%

-2.9%

-4.5%

-5.3%

Wellington

-0.3%

-19.2%

-19.5%

-21.8%

Canterbury

14.1%

-0.6%

-5.3%

-10.2%

Waikato/BOP

18.5%

1.7%

-13.3%

-15.8%

12.7%

-0.2%

-6.5%

-8.7%

NZexAkl

Northland
Hawkes Bay
Manawatu/Wanga
Taranaki
Nelson/Marlbrough
Central Otago
Lakes
Otago
Southland

-7.5%

Compared to October
Compared to November 2015
Seasonally
Seasonally
Volume
Volume
Adjusted
Adjusted
Change
Change
Change
Change
22.0%
8.3%
5.8%
6.2%
23.6%
5.8%
13.7%
7.1%
3.0%
-2.8%
29.5%
29.9%
8.6%
-5.5%
-1.0%
-1.0%
10.4%
-3.0%
-13.6%
-16.6%
-6.4%

-13.3%

-15.6%

25.3%

4.3%

8.0%

-16.4%
5.0%

24.3%

14.4%

-10.1%

-6.8%

Seasonally Adjusted Median Price
SeasonallyAdjustedMedianPrices
Compared to October
Compared to November 2015
Seasonally
Seasonally
Median
Median
Adjusted
Adjusted
Change
Change
Change
Change
New Zealand

2.0%

-0.2%

13.2%

12.9%

Auckland

-1.8%

-3.9%

11.4%

11.0%

Wellington

4.8%

1.2%

14.9%

13.2%

Canterbury

3.5%

2.3%

4.5%

4.6%

Waikato/BOP

2.0%

1.3%

19.7%

20.2%

Compared to October
Compared to November 2015
Seasonally
Seasonally
Median
Median
Adjusted
Adjusted
Change
Change
Change
Change
Northland

0.1%

3.1%

18.6%

20.8%

HawkesBay

7.1%

3.6%

15.4%

14.1%

2.6%

4.8%

18.0%

18.9%

16.8%

6.5%

19.5%

17.9%

8.4%

7.4%

24.3%

21.8%

-3.6%

-3.4%

-3.4%

-0.5%

1.7%

-1.2%

7.9%

6.1%

1.3%

1.6%

15.4%

16.4%

Manawatu/Wanga
nui
Taranaki
Nelson/Marlbroug
Central Otago h
Lakes
Otago
Southland

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