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The New Auckland Housing Crisis

By Jason Duop / 26 February 2016

Auckland might lose it’s position as being the most unlivable city in New Zealand – despite the Auckland City Council’s efforts to make it the most livable city in the world. Instead Wellington prices are slowly creeping up as Auckland’s red-hot market cools off.

So how much do you need to save to live in Wellington? The latest figures from valuation company QV show property values in Wellington increased by 5.2 per cent during 2015, with the average house price now sitting at $569,370.

Compare this to Auckland, the city people love to complain about. While the market did surge, it has come to almost a complete halt. Stuff.co.nz comments,

Average prices in Auckland rose 22.5 per cent in 12 months to $933,264, but only 0.2 per cent in December, and QV now expects Auckland prices could drop in the early part of 2015.

This can all be linked the the efforts used to reduce the housing crisis in Auckland. While this has slowed the rate of growth in housing prices in Auckland, it has dramatically increased the value in other centers. The worst affected center being Wellington.

 

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Jason Duop

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