House values set to soar for some time

House values set to soar for some time, says real estate boss

“One thing’s for sure New Zealand’s housing market is set to soar for a while yet,” says Century 21 New Zealand National Manager Geoff Barnett.

His comments follow QV releasing figures today showing further nationwide rises in house values and the average Auckland house exceeding $1 million for the first time.

Mr Barnett says his company is looking forward to another strong summer helped by solid population growth, an ongoing shortage of homes, record low interest rates, and healthy levels of consumer and business confidence.

“I’ve long said 2016 will be another strong year in real estate and these figures just confirm it continues to be. While the Reserve Bank, Inland Revenue, and key retail banks have tightened lending up, demand for real estate up and down the country remains relentless.

“Not only are Auckland properties still strongly rising in value, so too are our main centres, and in fact many of New Zealand’s country towns and districts are now also heating up. This is well and truly a nationwide phenomenon, not just an Auckland one.”

Mr Barnett says another observation is that Auckland’s outlying areas continue to perform strongly and are increasingly popular.

“Century 21 is actively harnessing this nationwide market momentum. We’re on a deliberate growth drive across New Zealand. We’re listing a lot more properties, opening more branches, employing more people, and most importantly we’re determined to get more Kiwis into home ownership,” he says.

www.century21.co.nz

ENDS

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