Average property prices in Auckland have gone up again according to RealEstate.co.nz and currently sit at $764,424, a 1.9 per cent increase on January's figure. For the first time, the national average asking price cut through the half million dollar barrier in February to $511,000, up from the previous figure of $489,000.
Some industry watchers say that while Auckland may be experiencing something of a property bubble, there is nothing on the horizon to pop it. On Radio New Zealand, property expert Olly Newland says it will need "an outside event, either local or maybe international, to prick the bubble and, at the moment, there's nothing in sight".
There's just one conclusion, property prices will continue to ramp up and nothing but another catastrophic event, such as GFC version 2, a major period of deflation, or serious government intervention, will stop it.
With China lowering its interest rates (a worrying sign in global economics), and Australia hovering over a rate cut next month, there is still plenty of fuel for further price rises. It's boom time for sellers in Auckland.
