Auckland's median house price falls to 16 month low

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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.

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: istock.com

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.

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