PHOTO: Despite the lockdown, Auckland and Wellington are still experiencing strong growth, while Christchurch has experienced “modest” growth. Photo credit: Getty Images
The effect of the COVID-19 lockdown is starting to show in New Zealand’s housing market with 13 of the 16 major cities showing a reduction in the rate of growth since May.
Despite the lockdown, Auckland and Wellington are still experiencing strong growth, while Christchurch has experienced “modest” growth.
Quotable Value (QV) house price index data for June shows that over the past three months, the national average house price increased by 1.3 percent to $738,018. This growth rate is down from 2.4 percent in May. The year on year increase was 7.4 percent, down slightly on annual growth of 7.7 percent last month.
QV general manager David Nagel said this indicates that the heat in the pre-lockdown market is gradually dissipating.
“A combination of pent up demand following lockdown, plus vast numbers of returning expats over the past few months has contributed to strong attendance at open homes, auctions and tenders in most locations throughout New Zealand,” Nagel said.
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