Reserve Bank research on housing price

New Zealand house prices have risen significantly over the past five decades. In real terms, house prices have more than tripled, with a strong upward trend since 1994. Nonetheless, there have been several instances where real house prices have fallen.

There have been six distinct house price upswings since 1965. The most recent house price upswing has been more modest than previous ones, but real house prices were already at a relatively high level. House price upswings have been varied in their regional composition. Some have been concentrated in Auckland, while others have been generalised across the country.

Since 1981, house prices in Auckland have increased much more than those in the rest of New Zealand. House prices in North Island provinces – where house prices have grown the least – are only 63 percent higher than they were in 1981. By contrast, Auckland house prices are 352 percent higher.

Read the research here.