Buyers hoping to snap up a bargain in the wake of COVID-19 may be in for a long wait, new real estate figures show.
According to REINZ June figures, the nationwide median house price grew by 9.2 percent over the last 12 months to $639,000, a rise of 3.1 percent from May.
REINZ chief executive Bindi Norwell said demand for property exceeded supply. With many homeowners still receiving the wage subsidy or on a mortgage holiday, latest figures defy predictions of a slump
"There were a number of predictions that house prices would fall post-COVID, however we're yet to see any evidence of that happening with every region in the country seeing an uplift from the same time last year and 10 out of 16 regions seeing an uplift from May," Norwell said.
Auckland price-tag grows 9.2 percent year-on-year
Auckland's median house price grew by 9.2 percent in the year to June, to $928,000, a 2.6 percent increase from May. Prices increased year-on-year in all districts except Papakura, in which the median house price fell 7.9 percent from $710,000 to $654,000.
"Auckland city was the only area with double-digit increases, with a 17.1 percent rise to $1,147,500: $13,500 off the record set in March this year," Norwell added.