Key Facts:

  • New figures reveal the first rise in the average house price in New Zealand since late 2021.
  • The national average house price increased by 0.8% to $894,403 in August 2023.
  • The main contributor to the increase was the Auckland region, with house prices rising by 2% to $1.3 million.
  • The number of houses sold across the country fell by 15% compared to last year.
  • New Zealand’s property market is showing signs of cooling down, but experts suggest it is too early to determine if this is the beginning of a long-term trend.

Article Summary:

According to new figures, New Zealand has seen its first rise in average house prices since late 2021. The national average house price increased by 0.8% to $894,403 in August 2023. The Auckland region was the main contributor to this increase, with house prices rising by 2% to $1.3 million. However, the number of houses sold across the country fell by 15% compared to last year.

Experts suggest that while the property market in New Zealand is showing signs of cooling down, it is still too early to determine if this is the beginning of a long-term trend. After a period of significant growth, the market may be experiencing a natural correction. Further monitoring is required to understand the direction the property market will take in the coming months.

To read the full article, go to: https://www.1news.co.nz/2023/09/12/new-figures-show-first-average-house-price-rise-since-late-2021/