The New Zealand puzzle: low population, high property prices (and high rents)
This content is archived.
New Zealand’s housing market is now slowing, with the economy also slowing - but the slowdown has come after a significant upward spurt which has propelled prices in Auckland to stratospheric levels - and Auckland´s price rises are continuing.
The nationwide median house price rose by a meagre 0.82% to NZ$459,500 (US$308,692) during the year to end-November 2015, a sharp decline from the y-o-y rise of 7.24% in a year earlier, according to the Real Estate Institute of New Zealand (REINZ). During the latest month, house prices declined 0.1% month-on-month.
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