Important COVID Update
Read Here
News

House prices continue to surpass predictions…

By Alison Borland

Information supplied by REINZ.

House prices have continued to surpass predictions for how they would perform post-COVID with median house prices across New Zealand increasing by 9.2% in June to $639,000, up from $585,000 in June 2019 and up from $620,000 (3.1%) in May 2020, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.

Additionally, Auckland’s median house prices increased by 9.2% to $928,000 up from $850,000 at the same time last year and up from $904,500 in May this year.  Papakura however, did see a fall of 7.9% fall in median price (from $710,000 to $654,000).

Bindi Norwell, Chief Executive at REINZ commented: “Earlier this year, there were a number of predictions that house prices would fall post-COVID. However, we are yet to see evidence of that happening, with every region in the country seeing an uplift from the same time last year, and 10 out of 16 regions seeing an uplift from May. “With wage subsidies and mortgage ‘holidays’ still firmly in place, and demand for good property exceeding supply, we wouldn’t be so bold as to say there won’t be an easing of pricing in the coming months when these support mechanisms come to an end. But right now, Kiwis’ love affair with property continues unabated – especially with the low interest rates we currently have in the market,”

To view the Press Release click HERE


Your Contact Details

Up to Date

Latest News

  • A Little Ray of Giving

    Over 400 families will spend Christmas at a Ronald McDonald House while their child is in a hospital away from home. Drop a present into our office from 1 December and we’ll make sure it gets to a deserving family. A little Ray of Giving is a program where Ray White offices partner … Read more

    Read Full Post

  • $21M in property sold under the hammer in one day

    Ray White Ray White Eastern Group sold $21 million in property under the hammer in one day with a 100 percent clearance rate. Ray White | Howick | Half Moon Bay | Bucklands Beach | Pakuranga | Botany | Flat Bush sold 11 out of 11 properties during its online … Read more

    Read Full Post