Regional house price (sales) trends 2010-2017. An acceleration in Auckland and Central Otago Lakes

Here’s an excerpt from a recent Journal Paper where we see An acceleration in Auckland and Central Otago Lakes since 2013

Median house price trends across regions of New Zealand demonstrate an important skew. Auckland experienced a steady incline from $240,000 NZD in 2000 to $430,000 NZD in 2010, followed by a plateau after the global financial crisis, then moving into a steeper incline to $870,000 by 2017. There was effectively a doubling of house prices over a 7-year period for the dominant Auckland region. The Central Otago Lakes, which contains Queenstown, saw significant house price increases following the global financial crisis from approximately $400,000 NZD rising to $750,000 NZD in 2017, but this region’s housing market, where demand is typically driven by second homes, is more volatile due to a lower quantity of housing stock compared to the Auckland region. Most other regional housing market prices have risen at a relatively uniform rate with a few exceptions, such as Waikato whose juxtaposition to the Auckland region has enabled it to take some of the heat from Auckland.