19 Jan 2021

House prices double over past decade in some parts of the country

1:19 pm on 19 January 2021

In the last 10 years, the value of property has doubled in some areas of New Zealand.

Houses around Lyttelton area in Christchurch

Photo: RNZ / Nate McKinnon

Figures released by realestate.co.nz show between 2011 and 2020 the asking prices for some properties went up by more than 100 percent.

The biggest increase was for the small Bay of Plenty district of Kawerau, where the average asking price went up 132 percent.

But strong rises were also seen in Central Hawke's Bay, Hamilton, Waitakere, and Central Otago.

Realestate.co.nz chief executive Sarah Wood told Morning Report the first five years of the past decade, house prices were relatively flat but increases were seen in the second half.

"It always comes down to supply and demand issues," she said.

"There is always opportunity in every market, it's about being really prepared, doing your research and looking at what those opportunities are in the area that you're looking at, what sort of home you're looking to buy..."

She said it's hard to predict future prices but New Zealand needs to look at increasing affordable housing supply.

Average asking prices across the country

Waikato

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Photo: RNZ/Vinay Ranchhod

Average asking prices in Hamilton City increased by 102 percent, from $378,470 in 2011 to $763,446 in 2020.

South Waikato has increased by 87 percent and Otorohanga by 84 percent.

Auckland

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Photo: RNZ/Vinay Ranchhod

Waitākere saw the biggest increase, with prices rising 99 percent over the last 10 years from $465,305 in 2011 to $926,889 by the end of 2020.

In Auckland City asking prices rising 84 percent from $732,369 in 2011 to $1,348,769 in 2020.

Manukau rose 77 percent and North Shore 74 percent.

Bay of Plenty

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Photo: RNZ/Vinay Ranchhod

The largest increase in asking prices throughout the country is Kawerau, which saw a 132 percent increase over the last 10 years.

The average asking price in 2011 in Kawerau was around the $151,000 mark. By the end of 2020, it reached $351,413.

The highest asking price in Bay of Plenty is in Western Bay of Plenty, reaching $992,948 in 2020.

Hawke's Bay

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Photo: RNZ/Vinay Ranchhod

In Central Hawke's Bay, asking prices were $283,646 higher in 2020 than 10 years ago - a 108 percent increase.

Napier asking prices were up 85 percent and in Hastings they went up 69 percent.

Otago

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Photo: RNZ/Vinay Ranchhod

The average asking price in Central Otago hit $795,287 in 2020, an increase of 96 percent over a 10-year period.

In Queenstown, the prices rose by 83 percent and Wanaka saw a 76 percent increase.

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