The average house price in New Zealand is now higher than it was at its 2007 peak, according to the newest figures released by Quotable Value New Zealand
House prices nationally rose by 2.7 per cent in the three months to June, QV’s latest property value index, taking the median house price value to NZ$441,254 – 7.6 per cent higher than a year ago.
Price growth in the Auckland region has been the main driving factor behind the national house price increase, with property values in New Zealand’s most populous region having increased by 12.6 per cent in a year.
According to QV operations manager Kerry Stewart, Auckland property values are increasing at a faster rate than they did before the previous peak. And, “there is little sign that values will slow in Auckland in the immediate future,” he stated.
Average house prices in Auckland are currently NZ$760,912, unsurprisingly the highest in New Zealand.
However, price growth in the city Christchurch – currently undergoing a huge rebuilding project following a series of destructive earthquakes between 2010 and 2012 – is not far off that seen in Auckland. The QV report shows that prices in the city increased by 10.4 per cent in the year to June, largely due to a shortage of properties coming onto the market.
The average price of a house in Christchurch is NZ$429,378, making it the country’s third most expensive city behind Auckland and capital Wellington (NZ$525,425).
According to the latest QV index, the cheapest main city in which to buy a property in New Zealand is Invercargill, located in the Southland region on the South Island. The average price of a house there is just NZ$204,158.