House prices double over 10 years

by Roxanne Libatique20 Jan 2021

Unless you’re living under a rock, you’re already aware that house prices continue to skyrocket in New Zealand. They have even doubled in some areas in the last 10 years, according to realestate.co.nz.

Its latest figures reveal that the asking prices for some properties in New Zealand between 2011 and 2020 increased by over 100% – with the most significant increase seen at Bay of Plenty’s Kawerau, where the price increased by 132%.

In the Waikato region, Hamilton City’s average asking prices increased by 102% from $378,470 in 2011 to $763,446 in 2020. Meanwhile, South Waikato’s average asking prices increased by 87% and Otorohanga’s by 84%.

In Auckland, Waitākere saw the most significant increase, with prices increasing by 99% over the last 10 years from $465,305 in 2011 to $926,889 in 2020. Auckland City’s asking prices rose 84% from $732,369 in 2011 to $1,348,769 in 2020, Manukau’s rose 77%, and North Shore’s 74%.

In Bay of Plenty, Kawerau took the spotlight with a 132% increase over the last 10 years from $151,000 in 2011 to $351,413 in 2020.  The highest asking price is in Western Bay of Plenty, at $992,948 in 2020.

The average price in Central Otago hit $795,287 in 2020, an increase of 96% over a decade. Meanwhile, Queenstown’s prices increased by 83% and Wanaka’s by 76%.

Realestate.co.nz chief executive Sarah Wood said house prices were relatively flat during the first five years of the past decade but increased in the second half.

“It always comes down to supply and demand issues. There is always opportunity in every market. It’s about being really prepared, doing your research, and looking at what those opportunities are in the area that you’re looking at, what sort of home you’re looking to buy,” Wood told Morning Report.

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