Auckland house price average tops $900k


The average Aucklander's dream of owning their own home is even further away, with the average house price exceeding $900,000, according to new figures.

QV figures show this is up 14 percent from October 2014 – the fastest increase since March 2006.

The Auckland market has increased almost 25 percent year on year, more than 7 percent of that in the last three months alone.

"Auckland values continue to rise, fuelled by high net migration and record low interest rates, with some areas up by more than 30 percent over the past year," says QV's Andrea Rush.

This increase also reflects the national average, which is now over $550,000.

"Residential property values continue to show significant increases for many upper North island centres including Auckland, Tauranga, Hamilton, the Waikato and Hauraki Districts, Whangarei and Rotorua," says Ms Rush.

"The Wellington and Dunedin markets are also now starting to show a definite upward tick, while the Christchurch market is relatively flat in comparison."

Ms Rush says it's more bad news for wannabe homeowners in Auckland, too, with house values set to continue rising.

"[This is being] fuelled by high net migration and record low interest rates."

Some areas are up more than 30 percent.

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