Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Mackenzie District Had Highest Median Price Rise In Last Decade Of Whole Country, Says REINZ

Over the last decade, the Mackenzie District had the highest median price rise of all districts with median prices increasing 145.0% from $200,000 in 2010 to $490,000 in 2019 according to Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.

Second in New Zealand for the greatest median price growth over the last decade was the Kawerau District with median price increases of 130.4% from $115,000 in 2010 to $265,000 in 2019. This was followed by Papakura District with a 112.3% increase from $325,000 in 2010 to $690,000 in 2019.

Bindi Norwell, Chief Executive at REINZ says: “Part of Mackenzie District’s attraction is that it provides the same ‘picture-postcard views’ as the Queenstown Lakes District – particularly in the Lake Tekapo area, but it’s more affordable and doesn’t have the hustle and bustle of the constant arrival and departure of tourists.

“The area is popular with owner-occupiers, investors and holiday-home buyers alike and we’re also hearing that more and more people who have holidayed there over the years are now looking to retire there.

“In fact, one local agent we spoke to said to us ‘the secret’s out now – everyone knows what a great part of the country Mackenzie Country is!’,” continues Norwell.

“It’s been a similar situation with Kawerau, where over the last few years more people from out of town have looked to purchase in the area particularly as Rotorua and Whakatane have priced people out of those markets. Additionally, investors have looked at the area as being particularly affordable and with the lift in community spirit over the past few years, more investors have felt comfortable investing in the District.

Looking across the country, 59 of 72 districts across New Zealand saw median price increases of 50% or more over the last decade, with 5 districts increasing by more than 100%.

“We expected that the top 10 list would mostly contain areas that started from a low affordability base – as is the case for Mackenzie and Kawerau Districts, but it was interesting to see the Queenstown-Lakes District in the top 10 districts for median price growth, even though it started as the third most expensive district in 2010. Over the past 10 years, Queenstown-Lakes District saw an increase in median prices of 95.7% from $488,000 in 2010 to $955,000 in 2019, finishing up as the second most expensive district in the country behind North Shore City,” says Norwell.

Grey District was the only district across the country where the median price decreased in the past 10 years, falling by a significant -21.3% (from $235,000 in 2010 to $185,000 in 2019).

Districts with the lowest increase in median price from 2010 to 2019 were:

  • Buller District: +9.5% (from $162,500 in 2010 to $178,000 in 2019)
  • Wairoa District: +15.4% (from $143,000 in 2010 to $165,000 in 2019)
  • Far North District: +33.3% (from $345,000 in 2010 to $460,000 in 2019).

Median house prices across New Zealand increased 67.6% over the last decade, from $352,000 in 2010 to $590,000 in 2019. New Zealand excluding Auckland saw a 62.3% increase from $308,000 in 2010 to $500,000 in 2019.

“The districts with the largest median price growth over the last decade are spread geographically around the country from Waitakere District in Auckland, down to the Queenstown-Lakes and Central Otago Districts in Otago highlighting that no one particular region has faced higher levels of unaffordability or growth,” concludes Norwell.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: