The house price boom in Auckland continues despite the ongoing economic meltdown.
The latest data from the Real Estate Institute of New Zealand showed house prices in Auckland rose 3.1 per cent to a record $2.8 million in April, a record high.
This was the highest increase since the end of last year.
It was also the highest in almost three years.
The house price index for Auckland rose 5.3 per cent in April from a year earlier.
This was the biggest increase since June 2016.
The average price of a detached house in Auckland grew 3.9 per cent, which was the second-highest in the country.
It had risen 4.6 per cent since the beginning of the year.
The median price of the median house in New Zealand increased by 0.5 per cent.
Average house prices across the country fell by 5.2 per cent over the same period.
Average median house prices have fallen by 9.2% in Auckland since May 2018.
The Auckland City Council said house prices were likely to continue to rise as the city’s housing market continues to struggle.
It said house price growth is likely to be muted in the coming years as the Auckland housing market recovers and supply of housing becomes more plentiful.
“Auckland housing is still very much a mixed economy, with the housing stock still very low, with a large number of detached houses being built and many more being built,” said chief executive officer Mark Watson.
“This is particularly true in the Auckland CBD and surrounding suburbs, and we have no plan to build new housing in Auckland.”
Mr Watson said the council is currently negotiating a long-term extension to the extension of the property tax discount that will benefit the city.
“While the council has a long way to go, we have a clear plan in place to ensure the housing affordability for the people of Auckland continues to grow,” he said.
“We’re working closely with the state government to ensure Aucklanders have access to affordable housing, and the council will continue to work with the Government and the Housing New Zealand (HNZ) to deliver the best outcomes for Aucklanders.”
The Council has also increased the number of affordable housing developments it is planning to build.
“As the market stabilises, the council wants to continue building and we want to continue working with our local community to help them achieve their aspirations for more affordable housing,” Mr Watson said.
The National Housing Authority (NHA) has announced it will continue providing more affordable homes in the Otago region.NHA executive director Ian Poulton said the NHA is committed to building more affordable houses in the region.
“The NHA has already delivered over $1 billion of housing in the South Island, and this latest announcement will continue this work,” he told the ABC.
“Our Housing Plan will ensure that we are providing enough affordable housing to meet Auckland’s housing demand and provide quality homes for residents.”
It is clear that Auckland is facing a housing crisis and we will continue working hard to build the future we want for our city.
“The NMA is also planning to increase the number that can qualify for the Housing Allowance (HTA), which is a form of financial help to help people pay for housing.
The HTA is only available to those with an income above $88,000 a year.