Property Market Updates
Latest updates on the current property market trends and conditions.
Long Term House Prices
Auckland house prices have increased over the last 10 yers by 9.75 per cent annually. The median house price in the Auckland region is $1,253,175 (june 2021), $256,125 more than the next most expensive region, Wellington.
Between December 2015 and June 2021, the median Auckland house price grew from $785,000 to $1,253,175, that is $468,175, 8.88 per cent average annual increase.
Over the last 10 years (July 2011 - July 2021), the national median house price increased by 11.81 per cent annually.
Reserve Bank Predicts House Prices Could Drop in 2022
The Reserve Bank predicts house prices to drop by about five per cent by 2024 as early as next year. Reserve Bank Governor, Arian Orr stated that the timing of the drop was highly uncertain, but he was more certain that the market was due for a correction.
House prices played a role in consumer confidence, construction activity and the cost of living, so in general, the strong the house prices, the stronger the economy.
The annual consumer price index inflation is currently sitting at 3.3 per cent, with unemployment rate sitting low at about 4 per cent. The Reserve Bank expected inflation to temporarily increase in the near term, and return to the midpoint of the 1 to 3 per cent target band over the next three years.
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