By The Verge StaffPostedMay 14, 2018 12:48AMNEW ZEALAND’S new home buying boom may be a little more expensive than you might expect, with some buyers paying more than others to buy the house.
The Australian Bureau of Statistics says that the median home price in the country fell by 7.6 per cent from $5,724,852 in May to $5.749,829 in August, with prices up a whopping 16.5 per cent.
But with that price drop, many buyers are now looking to get a lower-priced home in order to save money, and it appears that some of them may be paying more.
According to the ABS, the median house price in Auckland fell by 5.9 per cent to $6.2 million, while prices in Wellington rose by 7 per cent and Melbourne by 4.7 per cent, to $7.9 million and $8.3 million, respectively.
And the median price in Christchurch rose by 8.4 per cent over the same period, to just over $8 million.
The report notes that Auckland and Wellington are the only two Auckland-listed properties to fall this year, with Wellington still seeing its median price rise by 7-8 per cent this year.
And while prices are up in Canterbury, prices in the region have remained stable.
While Auckland and Canterbury’s prices have also stayed stable, the average price in Wellington has dropped by 6.4 percent over the past 12 months.
It is not just Auckland where prices have risen this year compared to previous years.
Prices in Brisbane, Perth and Sydney have also risen in the past few years, while the average home price there has dropped over the last three years.
In comparison, median home prices in Sydney, Brisbane and Perth have all fallen this year by more than 7 per or 10 per cent respectively.
But despite the price drop in Auckland, prices are still well below the median, and are not expected to rise any time soon.
The average price of a house in New Zealand has also risen this month, from $1.6 million to $2.3million.
But the median prices are expected to remain lower in 2019.
The ABS says that Auckland’s median price is expected to increase by 1.3 per cent next year, and by 2.3 percent in 2020.
Meanwhile, in Wellington, median prices in 2019 will increase by 6-7 per and 11-12 per cent compared to last year.