Marlborough Region Quarterly economic monitor - June 2020

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House prices

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Highlights for Marlborough Region

  • The average current house value in Marlborough Region was up 6.7% in June 2020 compared with a year earlier. Growth underperformed relative to New Zealand, where prices increased by 7.5%.
  • The average current house value was $513,660 in Marlborough Region over the June 2020 year. This compares with $724,155 in New Zealand.

National overview

House values have grown strongly in the year to June 2020, up by 7.5% compared to the year to June 2019. Interest rate cuts throughout 2019 spurred on late-cycle growth in the property market, particularly in Auckland. Values have bounced back relatively strongly post-lockdown, but the impending removal of the wage subsidy and mortgage holiday schemes will likely bring softness to the housing market.