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A slump in house prices in Wellington and Northland brought down the national median price, according to the Real Estate Institute of New Zealand (REINZ).

The median price for New Zealand decreased by $4000, or 0.5%, to $761,000 in the 12 months to August, REINZ said.

But only three of 16 regions did not see a rise in the past year.

House prices in Wellington fell 6.9% to $740,000 when compared with August last year.

Northland house prices dropped 3.2% to $600,000.

A spokesperson for REINZ said public sector headwinds, buyer caution and investor retreat were some factors having a negative impact on the Wellington region.

“The region’s largest employer, central government, has been reducing headcount and freezing hiring, denting household confidence.

“Many buyers are delaying decisions due to uncertainty about job security and cost-of-living pressures … and investors have pulled back in favour of regions with stronger rental returns.”

Auckland’s median house price increased by 1.3% to $964,000 year on year.

The most significant increases were recorded in Gisborne, up 11.3% from $620,000 to $690,000; Southland, up 8.9% to $465,000; and in the West Coast, up 7.8% to $385,000.

“Across New Zealand, confidence in the property market is tempered with caution,” said REINZ chief executive Lizzy Ryley.

“At this stage, both buyers and sellers appear to be taking a measured approach as they watch how the market unfolds, particularly as we near Spring.”

Westpac senior economist Michael Gordon said the New Zealand housing market remained fairly static in August.

“Prices were flat for the month, and sales continued to ease off their earlier highs.

“The price performance remains mixed across the country. Conditions have been tougher in the main centres … the more rural regions have generally fared better, particularly in the South Island – prices in Otago and Southland have been on the rise this year and are above their Covid-era peaks.”

Meanwhile, sales across the country stalled in August, with nationwide sales declining year on year and month on month by 3.7% and 11.1% respectively.

“While sales have eased in parts of the market, most regions are still seeing increases in median prices. Properties are taking different lengths of time to sell depending on the area, which shows that while the market is active, buyers are considering their options carefully,” Ryley said.