The rate of property price inflation is accelerating, according the latest CoreLogic house price index.
The index shows prices up by 2.1 percent in November month-on-month, after increasing by 1.3 percent in October and 0.8 percent in September, indicating the market shows no signs of abating. It was the biggest monthly increase in the index since October 2004, when it rose by 2.2 percent.
The average property value nationwide now sits at $769,000 an increase of 9.2 percent in the past 12 months.
In the main centres the biggest increases came in Wellington and Dunedin, up 2.9 percent and 3.1 percent respectively.
In the regions price growth was even stronger in percentage terms, with prices in Gisborne, Hastings and Rotorua all up by more than 4 percent in the month.
Queenstown – the only place in the country to have experienced a fall in prices due to the pandemic – also bounced back with prices up 3.5 percent for the month and 5.5 percent for the quarter.
