The housing market started 2021 with a bang as values continued to rise, with the average increasing by $17,184 in January, according to CoreLogic.
The firm’s latest data revealed that the value of New Zealand dwellings exceeded $800,000 for the first time in January 2021, increasing from $788,967 in December to $806,151 in January – an average increase in value of $554.32 a day.
Thames-Coromandel District saw the most significant increase last month, where the average home’s value increased by $39,290 to $904,897. Significant increases were also seen in tourist towns such as Rotorua, where the average value increased by $5,513, Taupo $15,039, and Queenstown-Lakes $7,954.
Meanwhile, Auckland’s average dwelling values increased by $21,740 last month, Hamilton $19,264, Tauranga $12,808, Wellington $17,067, Christchurch $16,885, and Dunedin $10,383. Central Auckland’s eastern suburbs, including beachside suburbs such as St Heliers and Kohimarama, had the highest average housing values in New Zealand at $1,712,828, while average values were lowest in Buller at $234,719.
“The outlook is for further growth, assisted by political commentary regarding the need to protect property wealth,” said CoreLogic head of research Nick Goodall, as reported by Interest.co.nz.
“Nationwide demand for mortgages through January has already risen above the levels seen at the end of 2020 as buyers take advantage of low-interest rates and act with urgency in the competitive market.”
CoreLogic also found that only four districts saw decreases in average values last month: Waitomo dropped by $19,896 to $256,095, Hauraki $12,120 to $488,542, Tasman $8,717 to $675,597, and Hurunui $1,934 to $433,743.