AUKLAND: In March 2023, Auckland witnessed the highest rise in property prices in New Zealand, with an average sale price of over one million New Zealand dollars.
The city’s property market has been consistently reporting higher house prices compared to most other regions in the country.
Moreover, it has become increasingly difficult for many New Zealanders to own their own property due to the nation’s high house-price-to-income ratios.
Despite the competitive housing market in Auckland, the average residential house price in the region experienced an annual decrease compared to the same month in the previous year.
However, the price of residential property in North Shore City, Auckland, was the highest, with an average sale price of 1.13 million New Zealand dollars.
As property prices continue to rise, an increasing number of New Zealanders are turning to mortgages to finance their dream homes.
To assist with purchasing their first home, first-home buyers in New Zealand can apply to withdraw all or part of their KiwiSaver retirement savings under the KiwiSaver HomeStart initiative.
However, even with a large initial deposit, many borrowers may take decades to pay off their mortgage.
