PHOTO: Photo: RNZ / Claire Eastham-Farrelly
The pace of rising house prices unexpectedly quickened last month, just as the head of the Reserve Bank says they should start falling.
CoreLogic’s House Price Index showed the average national house price rose by 2.1 percent in October on the month before, after slowing in the previous five months.
CoreLogic head of research Nick Goodall put the spike down to Covid-19 lockdowns affecting listings.
“Already low levels of supply dropped further during this time and while inventory levels have since started to recover, advertised supply is likely lower now than otherwise may have been, which would have placed renewed upwards pressure on prices.”
The average national price was $970,174, for an annual rise of 28.8 percent, and record highs in many centres including Auckland, Tauranga, Wellington, and Christchurch.
READ MORE VIA RNZ
- Top Remuera real estate agent won’t get vaccinated, wear mask
- The great New Zealand ‘Property Boom’ is OVER!
- Abandoned land for sale
- The battle over America’s most expensive home
- THE KING: Aussie residential real estate agent does $120m of sales in just two weeks
- Prime Minister Jacinda Ardern is now a property millionaire
- NZ real estate agents marketing on TikTok | WATCH
- Ed Sheeran reveals where he wants to live in NZ | WATCH
- AUSTRALIA: Is this the biggest property scam ever? | WATCH
- New Zealand named in top 10 most expensive countries to buy a house in