The value of New Zealand’s residential property market has increased to almost $1 trillion dollars. Property Institute released a publication this month showing that the total value of residential property in New Zealand is worth about $941 billion, up from $667 billion 3 years ago. So in the space of 3 years, the total housing stock has increased over 40% (and significantly outperforming the average stocks on the NZX or even ASX at arguably a lower risk).
- Auckland is now worth $469 billion (up from $344 billion in 2015)
- Wellington is now worth over $88 billion (up from around $60 billion in 2015)
- Christchurch is now worth over $67 billion (up from around $60 billion in 2015)
- Tauranga is now worth over $34 billion (up from around $21 billion in 2015)
- Hamilton is now worth around $28 billion (up from around $18 billion in 2015)
- Dunedin is now worth almost $17 billion (up from around $12 billion in 2015)
Auckland continues to make up the largest proportion of the total value of housing stock because it is NZ’s most populous city and has a larger share of the countries jobs.
On a separate note It’s also interesting to note that Auckland’s regional GDP is larger than the Wellington region, Canterbury region and Waikato region combined.