The New Zealand housing pool is expected to top $1.5 trillion in value next month, reflecting a 10-year run that's added about $900 billion to the value of all housing stock, according to Reserve Bank of New Zealand data.
While this represents a 144 percent increase over the decade, it hasn’t been enough to support the hype that bricks and mortar investment will generally double in value every decade.
But there are some areas where this has occurred.
Notable winners include homeowners in the Bay of Plenty’s Kawerau district, where according to latest numbers by realestate.co.nz the average price appreciated 132 percent since 2011, from $151,000 to $351,413 by the end of last month.
Ten years ago the average house would have also cost you $262,321 in central Hawke’s Bay and $378,470 in Hamilton. Those homes will now set you back $545,967 and $763,446 respectively, more than 100 percent increases, according to realestate.co.nz data.
In Auckland, Waitakere showed the biggest hike in asking prices for the decade, jumping by 99 percent from $465,365 to $926,88, while the highest average asking price area remains Waiheke Island at $1.4 million.
Slower paced Rodney showed the most sedate increase, climbing by 48 percent to an average of $1.25 million – a compound annual rate of 4 percent.
