Housing Crisis

PHOTO: Vanessa Taylor on The AM Show. Getty/The AM Show

The rapid rise in house prices over the past year has been blamed on many factors – usually lack of supply, low interest rates and ‘FOMO’.

Now we can add border closures to that list.

“When you look at the true patterns of Kiwis right across New Zealand, we love to travel and we love property,”  Vanessa Taylor, chief executive of realestate.co.nz, told The AM Show on Wednesday.

“If you take one of those away, that’s 50 percent of our lives and we’re probably going to focus on property, and that’s absolutely what’s happened since COVID hit our shores – can you believe – a year ago.”

New data from realestate.co.nz has the national mean asking price up 12.7 percent since this time last year – now $796,789 – up $89,575, close to the mean annual household income of $102,000.