The New Zealand median house price was steady at NZ$330,000 in September from August, but was down 6.3% from the peak price of NZ$352,000 reached in November last year and down 6.1% from a year ago, the Real Estate Institute of New Zealand has reported Prices fell in Auckland, Waikato, Manawatu, Wanganui, Wellington, Nelson, Marlborough, Otago and Southland, but were flat in Christchurch. They rose in Northland, Central Otago/Lakes and Hawkes Bay. Sales volumes rose slightly to 4,499 from 4,220 a month ago, but are down from 5,894 in the same month a year ago. The median number of days to sell fell slightly to 52 in September from 55 in August and is up from 32 a year ago.
"The relatively small increase in the number of properties sold indicates a slight degree of recovery, but that is what we would expect in a spring market after a harsh winter," new REINZ President Mike Elford said in a statement. Elford said the lower than normal volume of properties being listed was a reflection of people's resistance to realising losses on the value of their property. Elford many people were waiting to see what the Reserve Bank would do with the Official Cash Rate. "There was little impact on the housing market with the 0.5 percent cut last month. It will be interesting to see if the cut anticipated later this month has any effect. We would hope to see some relief with the retail banks dropping their interest rates." 
Interestingly, the REINZ provided data showing the number of properties sold for more than NZ$400,000 out of the total sales. The proportion of sales above NZ$400,000 has risen to 34% from 30% a year ago, suggesting the median may be skewed by higher value properties being sold. The higher value properties are seen as more likely to be sold because they are often bought by owner occupiers with relatively less debt and high amounts of equity built up in previous homes. They are therefore are finding it easier to get a mortgage than first home buyers, who have locked out in recent weeks by new bank lending rules making 80% plus home loans difficult to find.
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