WELLINGTON, Feb. 12 (Xinhua) -- New Zealand's property prices have doubled in a decade in most regions, with Auckland's Hauraki Gulf Islands almost having tripled in price.
Despite the fall in property prices last year, the latest data proves that prices inevitably go up in the long run, a report from realestate.co.nz said on Monday.
In the 10 years to 2023, the average asking price in every New Zealand region has increased, with 12 of 19 regions at least doubling and the remaining six increasing by at least 50 percent, the report said, adding that Kawerau in the Bay of Plenty has been top of the table of property prices for five consecutive years.
Of the country's 76 districts, 36 have increased by at least two-fold, while a further six were up by more than 90 percent.
"Although we will see peaks and troughs, prices are continuing to trend upward over the long term," said Sarah Wood, CEO of realestate.co.nz. ■