Price of average Kiwi home cracks $1 million

PHOTO: The average value of a home in New Zealand is now $1,002,153, latest Quotable Value figures show. Photo credit: Getty Images.

The average New Zealand home is now worth $1,002,153 – the first time values have cracked $1 million, a latest report shows.

Released on Wednesday, Quotable Value (QV) House Price Index figures show that for the three-month period ending in October, the average value of a home in New Zealand increased 5.3 percent, up from 3.6 percent quarterly growth recorded to the end of September.

The latest figures represent a 27 percent increase in values year-on-year, slightly higher than 26.3 percent recorded in September.

QV general manager David Nagel said the latest data showed buyers were still keen to commit to properties despite ongoing COVID-19 restrictions and uncertainty around economic recovery.

“Credit availability continues to tighten as banks respond to RBNZ concerns around property market stability, particularly with interest rates on the rise,” QV general manager David Nagel said.

“But a continued lack of supply has resulted in a resurgence in prices across all 16 metro locations we monitor.”