PHOTO: Ashley Church. Photo credit: The AM Show
A property investment expert says New Zealand house prices will more than double in the next decade, and there’s not a thing the Government can do about it.
But Ashley Church, former head of the Property Institute of New Zealand, says that isn’t necessarily a bad thing.
His comments come after data from both the Real Estate Institute of NZ (REINZ) and Trade Me found the median price of a home in Auckland is now more than $1 million and nationwide above $700,000.
“House prices are going to continue to increase. Here’s a prediction for you – in seven to 10 years’ time, house prices around the country – the median house price will be at least twice what it is now,” Church told The AM Show on Wednesday.
“That’s a reality. It doesn’t matter what the Government does, it doesn’t matter what the Reserve Bank does. We’ve got 50 years of empirical data that tell us that that’s what’s going to happen.”
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