House prices double over past decade in some parts of New Zealand

Finance Minister Grant Robertson announces how the Government is looking to make housing more affordable. Video / Mark Mitchell

By RNZ

In the last 10 years, the value of property has doubled in some areas of New Zealand.

Figures released by realestate.co.nz show between 2011 and 2020 the asking prices for some properties went up by more than 100 per cent.

The biggest increase was for the small Bay of Plenty district of Kawerau, where the average asking price went up 132 per cent.

But strong rises were also seen in Central Hawke's Bay, Hamilton, Waitākere, and Central Otago.

Realestate.co.nz chief executive Sarah Wood told Morning Report for the first five years of the past decade, house prices were relatively flat, but increases were seen in the second half.

"It always comes down to supply and demand issues.

"There is always opportunity in every market, it's about being really prepared, doing your research and looking at what those opportunities are in the area that you're looking at, what sort of home you're looking to buy..."

She said it was hard to predict future prices but New Zealand needs to look at increasing affordable housing supply.

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Average asking prices across the country

Waikato

Average asking prices in Hamilton City increased by 102 per cent, from $378,470 in 2011 to $763,446 in 2020.

South Waikato prices increased by 87 per cent and Otorohanga by 84 per cent.

Auckland

Waitākere saw the biggest increase, with prices rising 99 per cent over the past 10 years from $465,305 in 2011 to $926,889 by the end of 2020.

In Auckland City, asking prices rose 84 per cent, from $732,369 in 2011 to $1,348,769 in 2020.

Manukau rose 77 per cent and North Shore 74 per cent.

Bay of Plenty

The largest increase in asking prices throughout the country is in Kawerau, which saw a 132 per cent increase over the last 10 years.

The average asking price in 2011 in Kawerau was around the $151,000 mark. By the end of 2020, it reached $351,413.

The highest asking price in Bay of Plenty is in Western Bay of Plenty, reaching $992,948 in 2020.

Hawke's Bay

In Central Hawke's Bay, asking prices were $283,646 higher in 2020 than 10 years ago - a 108 per cent increase.

Napier asking prices were up 85 per cent, and in Hastings they went up 69 per cent.

Otago

The average asking price in Central Otago hit $795,287 in 2020, an increase of 96 per cent over a 10-year period.

In Queenstown, prices rose by 83 per cent, and Wanaka saw a 76 per cent increase.

- RNZ