The Real Deal New York

New Zealand housing prices just won’t fall, at least not yet

It's not only Sydney that has a soaring resi market
January 21, 2018 01:00PM

(Credit: photo by Pixabay; image by Public Domain Pictures)

New Zealand’s housing market is booming with prices climbing ever higher at odds with estimates and seemingly re-affirming the country’s decision to ban foreign buyers who are viewed as the cause of the hot market.

The number of properties on the market has increased, reports Mansion Global, to more than 9 percent, though prices continue rising in contrast to what analysts has predicted. The 2017 report on the housing market, compiled by the Real Estate Institute of New Zealand, noted that of the 16 areas analyzed, 13 of them had price increases.

According to the report, median prices are now about $400,000 up from around $378,000 the year prior. In Auckland, the prices rose by nearly 2 percent with the median home price now over $630,000.

One of the latest buyers to get caught in New Zealand’s increasingly exclusionary stance on foreign ownership was Matt Lauer, who had his “good character” assessment thrown back into review following sexual assault allegations. [Mansion Global] — Erin Hudson