The media loves shocking headlines:
“House prices collapse”
“Investment firm predicts average NZ house prices to plummet”
Does this mean that in 2023 your home is only going to be worth a fraction of what it was? Or are the words “collapse” and “plummet” too strong?
Here’s what’s really happening with the median house price across New Zealand:
As you can see, median house prices have come off the boil since they peaked in November 2021, but not enough to leave you in cold water if you bought your home before the first half of 2021.
The Reserve Bank and most economists are predicting that prices will continue to fall as inflation and interest rates rise, but even the most pessimistic of them are predicting at most a 20% fall. And as the graph above shows, prices in most parts of New Zealand rose more than 20% last year, so most homeowners will still be better off if they bought before 2021!
Is this a good time to renovate?
One of the disadvantages of the housing boom for renovators has been the non-availability of trade professionals to do the job. But at Pzazz Building, our Affiliates around New Zealand have our own teams of designers and builders and we have the capacity to deliver the home renovation or extension of your dreams without delay. We are experts in designing and creating bathrooms, kitchens, living areas, decks – in fact, any improvement that will enhance your lifestyle and add value to your home.
Visit our website at
www.pzazz.co.nz or call us on
0800 792 992 for a free in-home consultation from your local Pzazz Building owner.
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Have you thought about renovating but don't know where to start? Browse and download a variety of E-Books and other resources that cover tips and tricks, latest trends and renovation processes.
It's FREE and comes to you via email every month providing informative articles, tips and ideas!
Have you thought about renovating but don't know where to start?Browse and download a variety of E-Books and other resources that cover tips and tricks, latest trends and breakdown the renovation process.
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