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The average house price in New Zealand is $930,495 as at Feb 2024. Over the last 12 months this has decreased by 1.31%.

Want to see the most recent numbers for your specific council area? You can find the data for every single part of New Zealand in the table below. These numbers are updated every month.

If you want a broader view of house prices around New Zealand, keep reading below. You’ll learn where the most and least expensive houses are and how the data is calculated.

If you have a question, write your questions or thoughts in the comments section below.

NZ Property Market Update: February 2024

New Zealand's average house price is $930,495 (Feb 2024)

The average house price in NZ is currently $930,495 as at February 2024. This is down from the $942,820 12 months ago.

That means that house prices are down $12,325 over that time.

NZ average house prices

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Where are the cheapest houses in New Zealand?

If you’re looking to buy one of the cheapest houses in the country you need to go to the West Coast region.

The cheapest house prices in New Zealand are located there according to February 2024 data.

The 3 cheapest districts across New Zealand are:

  • Buller District. The average price there is $339,212.
  • Ruapehu District. The average price there is $357,481.
  • Waitomo District. The average price there is $360,481.

Where are the most expensive houses in New Zealand?

At the other end of the scale, the 3 most expensive areas have average house prices in the 7 figures. The 3 most expensive areas are:

  • Queenstown-Lakes District. The average price there is $1,798,059.
  • Auckland. The average price there is $1,291,999.
  • Thames-Coromandel District. The average price there is $1,148,347.

How is this data calculated?

If you Google “average house price” you will find the figures differ slightly, depending on who you talk to.

Why? It’s all down to the data used.

For instance, the data for this article was taken from CoreLogic, and the prices shown will be slightly different from other sources, for example QV and REINZ.

There are a few reasons for this and it comes down to how the data is calculated.

For starters CoreLogic creates its average by:

  • Using an algorithm to create an e-value for every property within a council area
  • They then take the average (mean) of those e-values for each area

QV follows a similar process, but their algorithm is different to CoreLogic’s, so the numbers shown will be slightly different.

For instance, CoreLogic data says the average house price in New Zealand in February 2024 was $930,495; QV latest data says the average house price is $905,070.

Same area, same method for crunching the data, but an $25,425 difference.

Next is REINZ, which is another very popular data source. They calculate their data by:

  • Looking at the properties that sold over the prior month
  • Taking the median price (the middle one) of all properties sold

This is different from CoreLogic and QV because:

  • REINZ data takes into account only the properties that were sold, whereas CoreLogic and QV take into account every property within an area
  • REINZ data is based on actual sale prices, whereas CoreLogic and QV are based on an estimated value of each property
  • REINZ takes the middle number (the median) of the property sales prices. CoreLogic and QV use a simple average (mean).

The effect of this is that REINZ median sale prices are more volatile (there will be more variation month to month).

REINZ reported median sale prices are also typically lower than CoreLogic and QV’s data.

For example, while CoreLogic and QV said New Zealand’s average price was $930,495 and $905,070, REINZ put the median sale price at $790,000.

All are right, but there is a $140,495 difference between what CoreLogic and REINZ Price say what the average house price is.

This is important to bear in mind as you are using different sources to figure out the average price for an area.

Opes Partners
Ed solo

Ed McKnight

Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.

Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.

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