Tweet
Massive growth in the Auckland housing market appears to have come at the expense of Wellington.
The latest figures from the Real Estate Institute of New Zealand show that the total value of all homes sold throughout New Zealand in the three months to the end of May was just over $11 billion and that just over $6b of those sales occurred in Auckland (refer table).
The figures also show that Auckland's growing dominance of the residential property market has mainly occurred in the last five years.
However, that means Auckland is more at risk of falling house prices and is likely to be hit harder than anywhere else in the country by rising mortgage interest rates which are expected to begin kicking in next year.
If you go to the bottom of the article then you can find out the latest property data for your area.
Comment