The average value of New Zealand homes gained $50,000 over the three months of the current Covid Delta outbreak and now sits at just over $1 million. According to the latest House Price Index figures from Quotable Value, the average value of NZ dwellings increased from $952,078 at the end of July, just before the latest Covid outbreak forced the country into lockdowns, to $1,002,153 at the end of October. The biggest gain in property values occurred in an area that has supposedly been one of the worst affected economically by the latest outbreak, Queenstown-Lakes, where the average dwelling value increased by $137,397 over the last three months. The smallest increase was in Invercargill where the average residential property value increased by a comparatively modest $20,869 over the three months to October, followed by Marlborough +$22,703 and Dunedin +$25,749. The chart below shows the average dwelling value in all main urban districts at the end of October and their percentage change over the previous three months.

Source: New Zealand Herald November 09, 2021 21:51 UTC