Press Release – Socialist Equality Group By Tom Peters, Socialist Equality Group The latest Knight Frank Global House Price Index showed that New Zealand house prices in the first quarter of 2021 were an astonishing 22.1 percent higher than 12 months earlier. The average global increase was 7.3 percent, …
By Tom Peters, Socialist Equality Group
The latest Knight Frank Global House Price Index showed that New Zealand house prices in the first quarter of 2021 were an astonishing 22.1 percent higher than 12 months earlier. The average global increase was 7.3 percent, the fastest rise recorded since 2006, in the lead-up to the 2007–2008 global financial crisis.
According to the Real Estate Institute of NZ, the situation is even worse: house prices increased by a median $200,000 between May 2020 and May 2021, 32.3 percent, to reach $820,000. In Auckland, one of the least affordable cities in the world, the median price is now $1.148 million.