New Zealand property prices stabilising

The New Zealand property market is currently experiencing a period of stability in terms of house prices, the Real Estate Institute of New Zealand (REINZ) has said.

According to the organisation, the national median price for residential property in New Zealand levelled off slightly in July compared to previous increases.

Half of the 12 regions in New Zealand experienced reductions in median prices, while five recorded increases and one remained unchanged.

Compared with the previous year, however, the median price for property in New Zealand increased by 10.99 per cent to NZ$313,000 (£105,000), providing a return for any overseas property investors who have bought a house on the island in the past 12 months.

Howard Morley, national president of the REINZ, said: "The market has been plateauing from a price perspective and while the median price has risen during the year, the underlying theme is very much one of consolidation of prices rather than a continuation of the sharp rise in prices of previous years."

According to the property organisation, agents are finding transactions in the New Zealand property market tougher, with buyers and sellers showing "determination and tenacity". Nevertheless, demand in the market remains healthy, agents have reported.

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