2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$780, 000
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$1 million
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$1.5 million
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None of the above
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Detailed explanation-1: -The average house value in Auckland is $1, 472, 369 (May 2022) according to CoreLogic data. However some houses are cheaper than this, and some are more expensive.
Detailed explanation-2: -The average house price in NZ is currently $987, 887 (September 2022) down from the $1, 043, 261 peak in March 2022. The market has been on a steady decline since, and the average home has decreased by 6.7% nationally (March – September 2022).
Detailed explanation-3: -And that in Auckland house prices will increase 6% per year over the long term. This is a slower rate than the market has experienced in the past. Over the last 30 years (Jan 1992 – Oct 2022) NZ house prices, excluding Auckland, increased by 6.5% per year. House prices in Auckland increased 7.4% per year.