If you have a look here this is the average sale price of homes in New Zealand over the last year
As you can see the median price calculated monthly has actually been fairly steady, (not really going down as much as alot of the media and critics are saying. These are the facts. The market has softened and prices have steadied out.
Compared to the last 5 years below.
As you can see clearly here the prices since this graph starts (May 2003) or 5 years ago, the monthly median prices of property has been steadily increasing. By looking this graph you can see that prices started leveling out about April 2007. (about the time interest rates started to rise).
So in terms of real estate prices people have expected that the price of their homes will keep going up as quickly as they have in the past but by looking at both the top graph and the 5 year graph you can clearly see that the median price over all in New Zealand has slightly corrected itself and flattened out.
It is also interesting to see over the years in the second graph you can see the odd spike on some of the monthly median prices. But many factors always influence the short term data.
But the most interesting thing I found was looking at the median sale price of property dating back to may 1992 (16 years ago) and what the graph looks like.
This graph is a little warped but you can get the general feel for the prices. In this long term view you can see the drop and market correction that we experienced as of late and you can also see the long time increase in property valuses as a Median for the country and the sharp rise felt since approx year 2000. Each green bar in all the graphs above are individual monthly calculations.
These graphs arent adjusted for inflation.
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