The average Auckland house now costs $1.2 million.
A real estate agent says building cost volatility is driving the change.
That's a median capital gain of more than $166k for Kiwi homeowners over the last year.
It'd mean a person earning the median income could only afford a $200k house - not a lot when the average house is $820k.
"They're cashing up knowing that they can work from home and change their lifestyle."
"The Auckland property boom has basically started again."
But one popular vacation destination's median house price surged by an eye-watering 50 percent.
The Reserve Bank plans to bring back LVR restrictions from March.
First home buyers frustrated by rising house prices may find they ease off in time.