House prices up 20%

The Herald reports:

The Government is coming under pressure from all sides as housing prices continue to skyrocket. …

The median price for a house in Auckland has hit $1 million, and prices nationally have increased 19.8 per cent year-on-year, bringing the median to $725,000.

The Reserve Bank recently announced an untargeted lending scheme, which is expected to further inflame property prices.

Labour campaigned in 2017 on abolishing the urban rural boundary in Auckland, which massively artificially inflates land and hence house prices. This would have made a huge difference, if implemented.

Sadly they broke their promise and have quietly dropped this pledge. So it is no surprise that house prices continue to rise.