QV is set to release its latest monthly house price figures on Thursday which are expected to show the average Auckland house price tipping over $1 million, according to a Fairfax article.
CoreLogic’s Nick Goodall told Fairfax, "I don't know for sure that the average Auckland house price has hit $1 million, but I would put a fair bet it is given the current rate of increase."
He said there didn’t appear to be a slow-down in price rises since the last set of QV figures in July when the average Auckland house sold for $975,000.
For those buying a $1m average house in Auckland, the 30-year interest bill would amount to just under $927,000 at a 6 per cent average rate.
The article said these mammoth Auckland prices have caused many families to continue renting.
House hunter Jaspal Sing has been searching the housing market for the past two months, returning to look at properties after several years.
"These houses are going very high this time,” said Sing.
“Last time properties were like $500,000 or $600,000. This time, every house we're looking at is over a million.”