PHOTO: NZ house prices
New Zealand’s overheated property market has shattered another record, with house prices skyrocketing by more than 25 percent in the last year alone.
The latest data from the Real Estate Institute of New Zealand (REINZ) shows that in the 12 months to July 2021, median prices for residential property nationwide increased from $659,500 to $826,000.
That eye-watering 25.2 percent rise represents an average capital gain of $166,500 for Kiwi homeowners – more than double what the average full-time employee earns annually.
Auckland again reached a new median house price record – $1.175 million, a 28 percent lift on the $918,000 it was at 12 months prior.
“The region also saw a 2.2 percent increase from $1,150,000 in June 2021,” REINZ explained in a press release.
“This growth was reflected throughout the region with six out of seven districts reaching record median prices – North Shore City ($1,375,000), Rodney ($1,240,000), Waitakere City ($1,100,000), Manukau City ($1,075,000), Papakura ($913,000) and Franklin ($885,000).”
Meanwhile Canterbury house prices also rose to heights never seen before in the region, and Manawatu-Wanganui and Southland equalled regional price records.
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