Average price for Auckland home could reach $3 million by 2040 - new data

Auckland houses could average prices as high as $3 million in 20 years' time, new data suggests.

The data from NZME's OneRoof shows the possibility of further price spikes in the country's biggest city, while house prices in Queenstown will also increase from approximately $1m to $4.79m on average.

OneRoof editor Owen Vaughan said there have been considerable changes to the market in the past two decades.

"It's possible that Kiwis will be paying the kind of prices that only the wealthy can afford now."

Much of the country's house prices have increased between 200 and 500 percent in the past two decades, Vaughan said.

However, new data from realestate.co.nz released earlier this week showed the average asking price in Auckland has weakened; down 2.2 percent to $915,794. 

It peaked in 2017 at $980,000, according to realestate.co.nz, which has been tracking the market for 13 years.

An early morning view of the CBD of Auckland, across the water of Waitemata Harbor.
Photo credit: Getty

"Trying to predict what house prices will be in 2020 is difficult enough, so our predictions should be taken with a big grain of salt," said Valocity valuation innovation director James Wilson. "However, you can analyse current and past performance of the property market to try and determine future trends," Wilson is quoted as saying by NZME.

The average asking price nationwide is currently $680,592, down 1 percent since September but up 6.8 percent year-on-year, according to realestate.co.nz. The biggest was recorded on the West Coast, up 19.9 percent to $307,300. Wairarapa has seen the biggest decrease, down 10.4 percent to $512,127.