PHOTO: Chief executive Bindi Norwell joined Breakfast to explain the ups and downs of the property market.
Recent figures from the Real Estate Institute New Zealand (REINZ) revealed a tale of two cities when it comes to the relative growth or decline of property and house values.
The statistics come from six months’ worth of aggregated data, which was compared to six months last year, REINZ chief executive Bindi Norwell said. The minimum sample size was 20 properties per suburb.
“When we look at a suburb-level, we do magnify things, so when we look in the increases and decreases, there’s a lot of factors that play into that,” she said on TVNZ1’s Breakfast this morning.
“So if we had an apartment building that came in, that’s cheaper pricing, it may bring the median down. If we had more properties sold over $1 million, yes, they may impact the median as well, and so we’ve looked at all of that.”
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