Is the FOMO propelling the rising house prices in NZ? | NZ NEWS 10 FEB

New Zealand offers a plethora of serene and idyllic locations to buy property. With most of the exclusive suburbs being in Auckland, Oriental Bay is in the top 5 most expensive suburbs and is the sole suburb in Wellington – where prices average around the $2 million mark. According to Homes.co.nz data proves 8 of the 10 best suburbs have a median asking price of $2 million. The property in Herne Bay the only suburb to break the cap with the average house price closer to $3million as of January 2021. Prices are on the move with the latest data showing a 12.8% rise since January last year. This makes the average house price in Auckland around the $1 million price point. To use the social media term FOMO, or the fear of missing out, is precursory to the spurred buying spree which took over the end of 2020. And although some parts of NZ still have a median house price of under $100k.

What makes the top 5 suburbs of Herne Bay, St Mary’s Bay, Shamrock Park, Oriental Bay and Westmere so desirable? Not only do they have a close proximity to the city, they also boast exquisite ocean views or views of the city and harbour and bear an extensive choice of cafes and restaurants. In contrast the rural suburbs seeing a smaller population and lower prices have an average asking price of about $45k – this is true of Ohura the cheapest town in the country due to it’s small size. Ohai a former coal mining town is interesting as it’s the 2nd cheapest town in NZ to buy a house in. It’s median asking price is $85k which is a proven increase of 53.2% over the previous 12 months. This can be seen due to the recent trend in the rural sea change, with people seeking the relaxed lifestyle of living in the country away from the hustle and bustle of the city.

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