Residential property price New Zealand 2019 by region
The price of residential property in New Zealand was the highest in the Auckland region in June 2019, with an average sale price of 850 thousand New Zealand dollars. The most populated city in the country, Auckland has consistently reported higher house prices compared to most other regions. Buying property in New Zealand, particularly in its major cities, is expensive. The nation has one of the highest house-price-to-income ratios in the world.
Auckland residential market
The residential housing market in Auckland is competitive. While prices had previously been on the rise, the Auckland region experienced no annual change in the average residential house price compared to the same month in the previous year as of June 2019. The price of residential property in Auckland was the highest in North Shore City in that same month, with an average sale price of over one million New Zealand dollars.
Home financing
Due to the rising cost of real estate, an increasing number of New Zealanders who want to own their own property are taking on mortgages. Most residential mortgage lending in New Zealand went to owner-occupier borrowers, followed by first home buyers. In addition to mortgage lending, under the KiwiSaver HomeStart initiative, first-home buyers in New Zealand can apply to withdraw all or part of their KiwiSaver retirement savings to assist with purchasing a first home. However, even with a large initial deposit, it may take decades for many borrowers to pay off their mortgage.
Auckland residential market
The residential housing market in Auckland is competitive. While prices had previously been on the rise, the Auckland region experienced no annual change in the average residential house price compared to the same month in the previous year as of June 2019. The price of residential property in Auckland was the highest in North Shore City in that same month, with an average sale price of over one million New Zealand dollars.
Home financing
Due to the rising cost of real estate, an increasing number of New Zealanders who want to own their own property are taking on mortgages. Most residential mortgage lending in New Zealand went to owner-occupier borrowers, followed by first home buyers. In addition to mortgage lending, under the KiwiSaver HomeStart initiative, first-home buyers in New Zealand can apply to withdraw all or part of their KiwiSaver retirement savings to assist with purchasing a first home. However, even with a large initial deposit, it may take decades for many borrowers to pay off their mortgage.
