Auckland's median house price falls to 16 month low

Would-be Auckland home buyers may be slightly relieved by the Real Estate Institute's latest figures for October which show the city's median price has slumped to a 16 month low of $850,000.

The median house price fell by 3.2 per cent year-on-year since December 2010 in Auckland, according the the REIZ's statistics.

Across New Zealand, the median house price rose to a record $440,000. 

Nelson was the only other region to experience a drop in value to $447,500 which is a 6.8 per cent decrease year-on-year since April 2012. 

"The Auckland Region's decrease of 3.2% year-on-year is predominantly the result of a large number of apartments being sold in the old Auckland City boundary which has therefore brought the median price down for the entire region," said Bindi Norwell, REIZ chief executive.

Auckland, New Zealand - January 11, 2014: New Homes on January 11, 2014. House prices are booming around New Zealand - with the average price of an Auckland city home rocketing to $735,692.
Auckland houses (file picture). Source: