Property values rising faster than pre-COVID levels

A Property and Build article.

The CoreLogic House Price Index (HPI) for October has found nationwide property value growth accelerated more than any other month this year, increasing by 1.3%.

Property values have remained robust since the onset of the economic downturn catalysed by the arrival of COVID-19 and the resulting lockdown in late March. But now, just as the economy appears to have bounced back – the Treasury’s New Zealand Activity Index (NZAC) shows economic activity in September 2020 was 1.0% higher than September 2019 – the property market is growing at a faster rate than before COVID (1.1% monthly growth in February 2020).

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