PHOTO: Vanessa Taylor – realestate.co.nz
The rule of thumb on house prices is that they’ll double every 10 years – a harrowing thought for those still trying to get into the market.
Seven Sharp found from 1970 to 1980 they more than trebled – to an average of $28,000 per home.
Then, from 1980 to 1990 the median price almost quadrupled – hitting six figures for the first time.
The decade from 1990 to 2000 was slower, not quite doubling, but not far off. The next decade to 2010 saw prices increase by 100 per cent.
Before the Covid-19 pandemic prices were trending towards another doubling, peaking at $680,000 in April this year.
Vanessa Taylor from Real Estate New Zealand says even with the pandemic setback prices will continue to grow due to demand.
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