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A senior Labour MP has put his reputation for predicting the future on the line, saying this time next year house prices will no longer be spiralling out of control.

Prices have soared in the past year, the nationwide average (mean) now above $900,000 according to Quotable Value. The Real Estate Institute of New Zealand, which tracks the median price, had it at $810,000 in April – up 19.1 percent in a year.

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David Parker told The AM Show on Friday a record number of homes were built in the last 12 months, and more of them in the affordable range than before.

“Prices of new housing are being more distributed towards lower-cost housing. We have made that shift.”

REINZ’s median price in April, though eye-watering compared to even just a year ago, was down on March when it was $826,000.

“You see all these three-storey apartments going up in Auckland – that’s one of the keys. I’m personally reasonably confident – you didn’t believe me on vaccines – I reckon by this time next year we’ll be turning a corner. We’ll have two years in a row of record house builds.”

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