Average residential house price in New Zealand in December 2023

By region

What is the average house price in New Zealand?

This table shows the median sale price for a property in every region in New Zealand. Use the search bar to find you region. This includes data up to January 2024.

How fast are property prices falling in the New Zealand property market?

Property prices across the country are currently recovering ... in most places.

Up until recently New Zealand house prices had been falling.

House prices peaked in Nov 2021. They then fell 17.80% and appeared to bottom out in May 2023.

Since bottoming out NZ house prices have increased 4.13%. That includes REINZ house price index data through to Jan 2024.

63,202 properties sold in New Zealand over the last 12 months

Today the number of property sales has started to recover. In the 12 months to Jan 2024 we bought 63,202 properties. So we are currently buying 4,439 more properties per year compared to the bottom of the market.

How fast will NZ house prices rise in the future?

Our standard assumption at Opes Partners is that Auckland house prices will increase 6% per year over the long term – compared with 5% for the rest of the country.

This is a slower rate than the market has experienced in the past.

Over the last 30+ years (Jan 1992 – Jan 2024) NZ house prices, excluding Auckland, increased 6.2% per year. House prices in Auckland increased 7.0% per year.

Why Invest In Property Funds?

• Direct investment in commercial property

  Historically a highly stable asset class

• Capital growth

  Opportunity for capital growth as well as strong cash returns

• High value commercial property

  Invest in quality commercial properties that would be out of reach for a single investor

• Liquidity

  Option to sell share on a secondary market without having to exit an entire property