The average value of New Zealand homes passes $1 million for the first time
Date 10 Nov 2021
The average value of New Zealand homes gained $50,000 over the three months of the current Covid Delta outbreak and now sits at just over $1 million.
According to the latest House Price Index figures from Quotable Value, the average value of NZ dwellings increased from $952,078 at the end of July, just before the latest Covid outbreak forced the country into lockdowns, to $1,002,153 at the end of October.
That's an increase of $50,075, or 5.3%, over that three month period.
The biggest gain in property values occurred in an area that has supposedly been one of the worst affected economically by the latest outbreak, Queenstown-Lakes, where the average dwelling value increased by $137,397 over the last three months.
That was followed by Auckland +$75,219, Tauranga +$68,876 and Christchurch +$66,272.
The smallest increase was in Invercargill where the average residential property value increased by a comparatively modest $20,869 over the three months to October, followed by Marlborough +$22,703 and Dunedin +$25,749.
In percentage terms the biggest increase over the last three months was in Christchurch at 10%, followed by Queenstown-Lakes 9.6% and Tauranga 6.6%.
There are now four centres where the average dwelling value is over $1 million - Queenstown-Lakes $1,572,535, Auckland $1,427,896, Tauranga $1,114,616 and Wellington Region $1,068,669.
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