Are NZ house prices to drop in the near future ?

Latest REINZ statistics for March have shown that national median prices for residential property rose 24.3% to $826,300 in March 2021, up from $780,000 in February and $665,000 in March 2020. A new record was set for the Auckland region with median house prices rising by 18.5%, from $945,000 in March 2020 to $1,120,000 in March 2021. Further, 12 of the 16 regions attained record median prices.

She stated that house sales were at their fastest pace at present and March had seen the highest percentage of auctions NZ had ever seen since REINZ started keeping records. She expects house prices will continue to rise in the next 2 months. However, the pace of rise would be slower than the rise witnessed in the last 6-12 months.

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