New Zealand Home Prices Set New Record

Wellington, August 12 (Xinhua)-Central New Zealand residential asset prices rose 25.2% from NZ $ 659,500 (US $ 464,181) in July 2020 to a record high of NZ $ 826,000 in July 2021. became. Data from the New Zealand Real Estate Institute (REINZ).

Median home prices in New Zealand, excluding Auckland, rose 23.3% from NZ $ 557,500 in July last year and set a new record of NZ $ 687,500 in July 2021.

New Zealand’s largest city, Auckland, once again supported the strength of New Zealand’s median, reaching record median home prices in July, 28.0% from NZ $ 918,000 in July 2020 to NZ $ 1,175,000 in July 2021. It has risen.

“House prices continue to rise nationwide as they have risen year-on-year in all regions since July 2020. The last two months have shown early on that growth has begun to slow, It’s premature. Please state whether this is the usual winter easing that is usually seen, or if the government’s market intervention and OCR (official cash rate) change cues are beginning to take effect. ” Jen Baird, Chief Executive Officer, said.

“Market strength is once again reflected in the REINZ Home Price Index, which hit a national high. All regions across New Zealand reached record levels in July, bringing the underlying value of real estate to a record level. It shows that it’s likely to be strong, and we’re still doing so for a few months. “

New Zealand home prices hit record highs for the past few months in a row, despite the pandemic. Meanwhile, record low interest rates have boosted demand for housing and credit. Supply was sluggish as housing demand remained high. In some regions, inventory levels were the lowest ever. (1 US dollar is equivalent to 1.42 New Zealand dollars)

New Zealand Home Prices Set New Record

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