The average national house price was hitting between NZ$937,000 and $1m, nearly eight times the annual household income.
Real Estate Institute data shows there was a 31% increase over the year to July.
Wellington and Auckland have some of the least affordable property markets in the world – homeownership rates in New Zealand have been falling since the early 1990s across all age brackets, but the drop is especially pronounced for people in their 20s and 30s.
A spokesperson for Consumer NZ, Gemma Rasmussen, said that with house prices rising so quickly, even high-income millennials will struggle to save for a deposit without the benefit of intergenerational wealth.
“We’re heading for a place where there are two New Zealands: the people who have property, they’re secure and their capital gains will continue to grow, and then there are people who are locked out.”
The World Socialist Party (New Zealand)
P.O. Box 1929
Auckland, NI, New Zealand
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