New Zealand house prices soar despite Covid recession, worsening affordability crisis

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Property market posted an 11% rise in median values, masking rising homelessness and a widening social divide, critics say

New Zealand house prices have defied the Covid-19 recession and soared to record levels, prompting warnings that the hot property market will damage the country’s long-term economic wellbeing and widen inequality.

New Zealand, which already had some of the most unaffordable housing in the world, saw median prices rise 11.1 % in the year to September, while the median price in Auckland reached nearly $1m (US$660,000). Prices rose 2.5% across the country just in September.

Related: New Zealand must cast off its worries about government debt in its Covid recovery | Max Harris

Related: New Zealand housing crisis: just 47 ‘affordable’ homes built in six months

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