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  • NZ Property Investor

    BOOM TIME

    Oct 28, 2020 6 minutes

    The economic fallout from Covid-19 was supposed to lead to a housing market correction. It hasn’t.

    Instead the most recent round of market data makes what most already knew official: New Zealand’s housing market is going crazy. But this has left economists revising their forecasts and worried it could herald a new bubble.

    This month we start off with a concise overview of the jaw-dropping prices, sales and listing statistics. And then we turn to a range of commentators to get their take on the runaway market – and where it might be heading.

    CRUNCHING THE DATA

    PRICES ARE RED-HOT: There’s no doubt that prices are on a firm upward trajectory. CoreLogic’s latest House Price Index has values nationwide up by 7.6% year-on-year and by 0.8% in the three months to September. This left the average national value at $743,678 in September.

    The lift in values on a nationwide level was also generally evident across the

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