{"id":27888,"date":"2020-09-28T10:52:44","date_gmt":"2020-09-27T21:52:44","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=27888"},"modified":"2024-03-01T20:49:10","modified_gmt":"2024-03-01T07:49:10","slug":"what-recession-our-unstoppable-housing-market-marches-on-new-zealand","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/what-recession-our-unstoppable-housing-market-marches-on-new-zealand\/","title":{"rendered":"What recession? Our unstoppable housing market marches on | NEW ZEALAND"},"content":{"rendered":"<p><strong>PHOTO: (IMAGE: TINA TILLER) NZ housing<\/strong><\/p>\n<p><strong>New Zealand\u2019s housing market is going ballistic, defying economic forecasts and historic trends. Michael Andrew asks the experts what\u2019s causing the clamour and what it means long term.<\/strong><\/p>\n<p>Six months after Covid-19 first reached our shores, New Zealand\u2019s economy has officially moved into recession. GDP is down 12.2% \u2013 the largest drop on record \u2013 spending activity has slumped, unemployment is rising, and our hospitality and tourism industries have been decimated by two lockdowns and a world slowed down to a sickly limp.<\/p>\n<p>It\u2019s a once-in-a-century tempest that is foundering almost every single ship in its path, and slowly\u00a0making many of us poorer. And yet, in the midst of it all, perfectly robust and sailing along at a rate of knots, is New Zealand\u2019s apparently unsinkable housing market \u2013 enjoying some record-breaking spikes.<\/p>\n<p>Everyone seems to have a similar version of the story that goes something like this: a neighbour or friend recently listed a house for $1m, 80 couples came to the open home, and it sold for $1.2m cash a few days later.<\/p>\n<p>The anecdotes are everywhere, but what does the data say?\u00a0<a href=\"https:\/\/reinz.co.nz\/Media\/Default\/Statistic%20Documents\/2020\/August\/REINZ%20Monthly%20Property%20Report%20-%20August%202020.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">According to Reinz<\/a>, last month\u2019s median house price across New Zealand increased by 16.4% from the same time last year to $675,000 \u2013 up from $580,000 in August 2019 and up from $659,000 in July.<\/p>\n<p>In Auckland, median house price increased by a record 16% to $950,000 from $819,000 at the same time last year, and up from $918,097 in July this year.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_277019\" class=\"wp-caption alignnone\">\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-277019 size-full\" src=\"https:\/\/thespinoff.co.nz\/wp-content\/uploads\/2020\/09\/Screen-Shot-2020-09-21-at-10.30.54-PM.png\" sizes=\"(max-width: 876px) 100vw, 876px\" srcset=\"https:\/\/thespinoff.co.nz\/wp-content\/uploads\/2020\/09\/Screen-Shot-2020-09-21-at-10.30.54-PM.png 876w, https:\/\/thespinoff.co.nz\/wp-content\/uploads\/2020\/09\/Screen-Shot-2020-09-21-at-10.30.54-PM-300x162.png 300w, https:\/\/thespinoff.co.nz\/wp-content\/uploads\/2020\/09\/Screen-Shot-2020-09-21-at-10.30.54-PM-768x415.png 768w, https:\/\/thespinoff.co.nz\/wp-content\/uploads\/2020\/09\/Screen-Shot-2020-09-21-at-10.30.54-PM-850x459.png 850w\" alt=\"\" width=\"876\" height=\"473\" \/><\/p>\n<div class=\"wp-caption-wrapper\">\n<p class=\"wp-caption-text\">(GRAPHIC: REINZ)<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/thespinoff.co.nz\/business\/23-09-2020\/what-recession-our-unstoppable-housing-market-marches-on\/\">THE SPINOFF<\/a><\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout no-grav\">\n<li><a class=\"bump-view\" title=\"Simon Cowell 'takes huge loss as he sells luxurious Beverly Hills property\" href=\"https:\/\/propertynoise.co.nz\/au\/simon-cowell-takes-huge-loss-as-he-sells-luxurious-beverly-hills-property\/\" data-bump-view=\"tp\"><img decoding=\"async\" class=\"widgets-list-layout-blavatar lazyload\" data-src=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2020\/09\/Simon-Cowell.jpg?fit=512%2C490&amp;ssl=1&amp;resize=40%2C40\" alt=\"Simon Cowell 'takes huge loss as he sells luxurious Beverly Hills property\" width=\"40\" height=\"40\" data-pin-nopin=\"true\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 40px; 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Our unstoppable housing market marches on | NEW ZEALAND - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/what-recession-our-unstoppable-housing-market-marches-on-new-zealand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What recession? 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