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Auckland‘s skyrocketing house prices are hardly a new phenomenon – the city has long ranked among the most expensive in the world for homebuyers. But the trend is not just restricted to the country’s largest city. Prices outside of Auckland grew at a rate of 23.3pcin the 12 months to July 2021, according to the Real Estate Institute of New Zealand.
While that overall figure is eclipsed by the 28pc growth rate experienced in Auckland, several regional districts recorded even higher returns.
Median prices in the Marlborough region, located in the northeast of the South Island and with a population of 50,200, rose 41.5pc in the year to July 2021 to sit at $NZ672,000 ($642,000).
In Hawke’s Bay, on the east coast of the North Island, prices grew by 32.7pc over the same period. The media house price in the region, known for its wineries, is currently $NZ730,000 ($697,000).
The New Zealand reserve bank last week announced plans to tighten mortgage lending criteria in response to the country’s rapidly escalating house prices, including reducing the number of loans made to owner-occupiers with a deposit of less than 20pc.
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