New Zealand house prices have reached a record high, outstripping pre-Covid prices by $130,000, new OneRoof figures show.
The nationwide median property value is now $750,000 after surging 13.8 percent in the nine months since the deadly virus hit New Zealand and resulted in an almost two-month long shutdown of the property market.
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The latest OneRoof-Valocity house price index figures, covering the month to January 15, show that all 72 territorial authorities are in a better position now than before Covid-19. The biggest risers on the index were Ruapehu (+21% to $295,000); Hastings (+20.7% to $640,000); and Lower Hutt (+19.6% to $600,000).
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The figures also reveal that there are 15 suburbs that "earned" more than $400,000 in the last 12 months.
Wellington's median property value crossed the $1 million mark for the first time - gaining $30,000 last month alone (and $220,000 in the 12 months to January 15) to $1.02 million.
The capital is now one of six territorial authorities where buyers can typically expect to pay more than $1 million for a home.
With a median value of $1.285 million, Auckland's North Shore is the country's most expensive housing market. The median value in Auckland City - home to 13 of the country's 14 $2 million-plus suburbs - was up 24% year on year to $1.225 million, while Rodney ($1.095 million) and Manukau ($1.01 million) saw lifts of between 18% and 22% over the same period. Waitakere inched closer to the million-dollar mark, with a median value of $975,000.
Of the major metros, Hamilton was the strongest performer post-lockdown, recording growth of 17.1% for a new median of $735,000, followed by Tauranga (up 15.2% to $815,000), Dunedin (up 13.8% to $605,000) and Christchurch (12% to $520,000).
The figures also show Queenstown has recovered from the near knock-out blow it suffered as a result of Covid-19.
In the months after the pandemic struck, Queenstown house prices fell sharply, with the town's median property value dropping 7.7%.
But the latest OneRoof-Valocity house price index figures, covering the month to January 15, showed Queenstown's property value was up 6.1% on where it was on March 25, 2020 - the day before the country went into lockdown and the housing market endured a two-month-long shutdown.
The stunning around occurred over the heated closing months of 2020. In the house price index figures for the month to December 15, 2020, Queenstown was down 0.5% on pre-Covid levels.
The new median property value of $1.115 million is the result of heightened market activity by investors and first home buyers taking advantage of low interest rates.
The 12-month gain for the town is a whopping $105,000.
In Auckland, the best-performing suburbs post-Covid were Botany Downs, Manurewa, Grey Lynn, Panmure, New Lynn and Westmere, with the median property value in all seven outstripping pre-Covid values by more than 20%. Both Grey Lynn and Westmere also saw 12-month price jumps of more than $400,000, reflecting the house-buying frenzy in the city.
Thirteen more suburbs, all in Auckland, saw their median property value jump more than $400,000 in the last 12 months. The biggest rise - $665,000 - was in Waiheke Island, where the median value now sits at $1.73 million. The next biggest risers were Glendowie (up $505,000 to $2.045 million) and Herne Bay (up $475,000 to $2.92 million).
Outside of Auckland, there were 19 suburbs where the median property value outstripped pre-Covid values by more than 20%. The top three performers were: Taumarunui, in Ruapehu (up 33.8% on pre-Covid levels to $245,000); Havelock North, in Hastings, (up 27.3% to $910,000); and Raumati South, Kapiti Coast (up 27.2% $815,000).
