Property prices

PHOTO: REINZ house price data shows over the last ten years, the nationwide median house price has almost doubled, rising 96 percent. Photo credit: Getty.

House prices double every 10 years’: it’s a phrase familiar to most Kiwis, and according to REINZ data, it’s true.  For existing property owners, this is good news, but for many more, it means homeownership is an impossible dream.

According to Real Estate Institute of New Zealand (REINZ) data, over the 10 years from September 2010 to September 2020, New Zealand’s median house price almost doubled, increasing by 96 percent from $350,000 to $685,000.

Properties in Auckland city rose 138 percent, in the Rotorua district they rose by 126.5 percent and in Tauranga city, by 123 percent. Based on Auckland’s current median house price of $955,000, if history repeats itself, in 2030, property buyers could be forking out $1.9 million.