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Spare a thought for New Zealand, where CoreLogic today recorded 1.8% growth in November, with values up an extraordinary 28.4% year-on-year:
The average property value in New Zealand is now an eye-watering $978,401, with Auckland ($1,402,845) and Wellington ($1,114,979) both topping one million dollars.
Over the year to the end of November, the average value of New Zealand homes rose $218,388, with the average home in country’s largest market – Auckland – soaring by $286,890.
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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.