The QV house prices indices for November for each of the territorial local authority areas were released last week. Much of the headline coverage is around the fact that in the last year Auckland prices have barely changed, while those in places like Dunedin, Invercargill, Palmerston North and Whanganui have shown double-digit rates of increase. Even Wellington prices rose 7.4 per cent – something brought home to me when a house across our driveway went for $2 million recently (a very big house).
Cycles are often not in synch from place to place and I’ve sometimes found it an interesting reference point to look back and see how (real) house prices have changed since the peak of the previous surge upwards in house prices, in mid 2007. That, of course, was just before the onset of the last recession in New Zealand.
Here is a chart showing (mostly) the cities
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