Watch: OneRoof Property Panel predicts what next for housing market

A scalding hot property market has raced ahead in the last year, defying expectations after Covid-19 lockdowns.

The latest OneRoof Property Report shows that Auckland's "affordable" suburbs, defined as those with median house prices below the Government's $650,000 affordable KiwiBuild mark, have dwindled to just three within city limits.

That's down from 26 a year ago and 47 five years ago.

Auckland's median price is now $1.1 million, jumping an incredible $205,000 or 23 per cent since the Covid-19 pandemic hit 12 months ago.

Elsewhere in the country, buyers were equally suffering as the typical New Zealand deposit jumped $28,000 in 12 months to $153,000.

Wellington prices rose even more than Auckland's, shooting up 27 per cent in 12 months to $1.025m.

First-home buyers in the capital now needed to typically save a $205,000 deposit - $43,000 more than a year ago and $98,000 more than five years back.

Today OneRoof's property panel will discuss these results, and what is likely to happen next.

Watch host and NZ Herald journalist Frances Cook interview panelists Carmen Vicelich, CEO of Valocity Global, Tony Alexander, independent economist, Bindi Norwell, CEO of the Real Estate Institute of New Zealand, and Rupert Gough, CEO of Mortgage Lab.

The full panel debate is available on the video above.