New Zealand house prices soar despite Covid recession, worsening affordability crisis
Published
Oct 29 2020 at 1:17 AM GMT
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- Property market posted an 11% rise in median values, masking rising homelessness and a widening social divide, critics say New Zealand house prices have defied the Covid-19 recession and soared to record levels, prompting warnings that the hot property market will damage the country's long-term economic wellbeing and widen inequality.
- New Zealand, which already had some of the most unaffordable housing in the world, saw median prices rise 11.1 % in the year to September, while the median price in Auckland reached nearly $1m (US$660,000).
- Prices rose 2 5% across the country in September compared with August.
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- Published Oct 29, 2020 1:17 AM GMT