Good time to buy a New Zealand home?
- Confessions Collective
- Feb 11, 2023
- 4 min read
Updated: Feb 20, 2023
House prices are at a 15-year low, but experts are urging Kiwis to be cautious.
New Zealand house prices fell by an average of 10.3% in 2022 - the largest drop in 15 years.
While it might be good news for new migrants, experts are warning Kiwis to be cautious as there is still some volatility in the market.
The Quotable Value (QV) House Price Index shows home values fell nationally by an average of 10.3% last year - a stark contrast to the previous couple of years.
The average house price is now NZD$944,767 (USD$595,439 or EUR€556,408). Three years ago the average house price was $724,185. In 2020 it increased by 13.3% and then 28.4% in 2021.
Experts talk opportunities and risks in today’s property market and captial gains tax in videos below
At the peak of the market, the average house price was $1,053,315.
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