New Zealand property bubbles

The Real Estate Institute of New Zealand (REINZ) has released its house price data for September, which has reported booming sales and record high prices:

As shown above, the seasonally adjusted median house price soared 14.1% year-on-year in September, with Auckland rising 11.8% year-on-year and regions outside of Auckland rising 16.3%.

Sales volumes have also soared, rising 30.9% year-on-year, with Auckland sales surging by 47.2% year-on-year and regions outside of Auckland rising 24.1%:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.