While New Zealanders were on holiday sunning themselves the housing market was hard at work.
The housing market has delivered a scorching January amid what economists say is the biggest housing boom in 17 years. In 12 months the country’s median house price has jumped 19 percent to $730,000, with four regions cracking new records - The Bay of Plenty, Hawkes Bay, Taranaki and Nelson.
But year on year, it was Wellington with the biggest boom – up a whopping 27.7 percent. It turns out, the January slump of yesteryear is exactly that. New Zealand hasn’t had a housing boom like this in 17 years – but back then, we weren’t in the midst of a global pandemic.
Last month’s data has revealed a myriad of record median house prices across the country and not even the usual summer sales slump could help out desperate Kiwis on their first home hunt. Auckland did join with a quick dip in the ocean – the market cooling off, but only slightly. The median house price dropped $25,000 to a not so modest $1 million in January. But it’s still up 15 percent year on year.
The scorching hot housing market is set to last well beyond our beach days.
Thinking of selling or just want to know how the markets affecting the value in your home so you can leverage to buy an investment or beach house – give Victoria a call.