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New Zealand’s housing market experienced another extraordinary rise in values in October, with values rising 2.1% over the month to be up 28.8% year-on-year, according to CoreLogic. All major markets also experienced extraordinary growth:
Much like Australia, the rise in prices has come off the back of FOMO (“fear of missing out”) and a dearth of homes for sale:
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As shown above in the first graphic, New Zealand’s average home value has hit an absurd $970,174, with Auckland’s average value a whopping $1,381,456.
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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.