Wellington house prices skyrocket

Stuff reports:

• Wellington’s house prices have continued to skyrocket, with first-home buyers struggling more than ever to “crack a property”.
• New data from the Real Estate Institute of New Zealand shows the median house price in Wellington city is up 35 per cent for the year ended February 2021, reaching $1.1 million.
• Porirua saw an even bigger increase, with median prices rising by more more than a quarter of million dollars ($273,000) to $980,000 in just one month.

Porirua used to be the cheap city to live in. Now it almost has a median price of one million dollars.

So long as the Government refuses to make meaningful changes on the supply side, prices will just continue to get worse.