There isn’t much in New Zealand worth more than a trillion dollars.
However new figures reveal the total value of our housing stock hit the trillion dollar mark for the first time in the September quarter.
At $1.001 trillion, the value of New Zealand’s housing stock grew by 4% from the previous quarter and 16%, or $139.4 billion, from the same quarter in 2015.
While 16% is the fastest annual growth rate since the December 2005 quarter, growth peaked in 2003, when it hit 31%.
The Corelogic data, published by the Reserve Bank of New Zealand, shows the annual growth rate has been steadily increasing since 2011, when it took a dip.
Looking at the data a different way, the value of our housing stock increased by an average of $2.7 billion a week, over the year to September.
That’s well up from the previous year, when it increased by an average of $2.3 billion a week, and 2014, when it increased by $707.9 million a week.
While the value of our housing stock keeps growing, there was a large 20% drop in the number of houses sold in the September quarter.
Falling to 23,710 – from 29,484 the previous quarter – this is the lowest number in two years.
The number of homes sold peaked in the December 2003 quarter at 39,800, and then spiked on a couple of occasions in 2005.