New Zealand has the highest average home price in the developed world, according to a new report by real estate company PricewaterhouseCoopers.
The report, which was released on Tuesday, said that Aucklanders paid the highest price of all cities, at $1.3 million.
Auckland’s median price was $1,225,000, while Sydney’s was $721,000.
The survey looked at average prices in the country, which is located on the island of New Zealand, as well as average prices per square metre.
Prices for homes sold in Auckland rose more than 15 per cent from the previous year, while those in Sydney rose 3 per cent and Auckland rose 3.2 per cent.
The median price of a house in Sydney was $950,000 in the third quarter of last year, compared to $1 million in Auckland.
Prisoners’ rights advocates and advocates of Indigenous people, however, were less pleased by the findings, with the group claiming the study did not reflect real estate market conditions.
Pride Australia said it believed the data showed New Zealand’s housing market was still in the early stages of recovery and that more could be done to support housing affordability.
“Pride NZ is deeply concerned about the report’s failure to reflect real-world conditions, as demonstrated by its analysis of the median home price, where prices are now $1m higher than they were in January 2017, the report did not include any information on price growth in the New Zealand market, or on whether there is any recovery from the devastating earthquake,” the group said in a statement.
“This failure to recognise the severity of the impacts of the disaster on the housing market is a huge omission that demonstrates a complete lack of understanding of the economic impact of the earthquake and its aftermath.”