While prices in every region and territorial authority were up significantly on pre-Covid levels, with Queenstown notably bouncing back into positive territory, month on month value changes painted a different picture. Also dropping out of the million-dollar club was Wellington, where post-Covid price gains retreated $30,000 to $995,000 in March. Wayne Shum, senior research analyst at OneRoof's data partner, Valocity, said: "The rate of market growth is likely to slow in the near term. OneRoof editor Owen Vaughan said: "Overall, the housing market is still performing strongly, as the figures measuring growth post-Covid show. "And the Government's housing market shake-up, particularly the new rules governing investment properties, may well result in further price drops."

Source: Otago Daily Times March 30, 2021 22:52 UTC