House value growth during three months adds $113k to Auckland prices

PHOTO: Auckland. 123rf

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In the time since many Aucklanders last had a haircut, the average house in the region increased in value by $113,000.

This is more than the average annual income in just three months.

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Data from the valuation company Quotable Value shows the average house in Auckland now costs $1.48 million.

During Auckland’s level 4 and level 3 period – August to November – house prices rose $113,000, or 8.3 percent.

In the 12 months to November, Auckland prices rose 27.9 percent.

A 20 percent deposit is just shy of $300,000. This would take the average Aucklander earning around $70,000 over four full years to save for a deposit, if they paid no tax, did not have a single cost, nor spent any of it, and if house prices did not increase at all in the time.