The Surprising Place Houses Prices Have Increased The Most
House prices in Auckland are soaring out of control, leaving many buyers out in the cold, unable to afford the new sky-high prices. Meanwhile, across the country, there is one place where house prices are increasing even more than anywhere else.
This town lies in the South Island, and it’s not Christchurch or Dunedin; it’s Gore. That’s right; people must be flocking to this quaint little town in the middle of nowhere because Gore has experienced more growth in house prices than anywhere else in the country this year.
Often mixed up with real estate in Invercargill because of its nearby locale, Gore actually has a housing scene all its own, as proven by the latest data. The QV house price index denotes an 18.1% increase in price during the first quarter of 2021 in Gore.
Compared with this time last year, the average house value in Gore has risen by $75,000 to $370,252. Other small centres should look to Gore to see what their future likely holds. In the small towns where house prices are still relatively low compared to other areas, these are the locations that are likely to increase the most in percentage terms.
This is shown in the data from the quarter as well because the next fastest-growing prices are in other small locales where houses are comparatively inexpensive. Westland’s prices grew by 15%, while the cost of a home in Southland rose by 14.2%.
Homeowners in small towns could be sitting on a goldmine, especially if they purchased the house a long time ago. Whether you want to take advantage of this and sell up now or wait and see if prices keep rising is up to you. Just don’t leave it too late!