CHANGING PROPERTY MARKET

Home has been a focus for most people over the past year, encouraging many to reconsider how and where they live. Now that more people are working from home and avoiding the commute into business districts there has been a rise in the number of people searching for larger homes further from city centres. Research by real estate consultancy Knight Frank has shown that values of homes in sought-after cities like London, New York and Dublin have dropped, with Singapore seeing the biggest drop in house prices. Compared with 2019, real estate sales in New York have fallen 57 per cent according to the NYC Comptroller’s Office with many people moving outside the city. Likewise in Australia, the Australian Bureau of Statistics showed residential house prices going backwards in the June quarter, with Melbourne and Sydney housing markets seeing the largest falls, however house prices have started to rebound since then, although prices continued to fall for apartments. The one city bucking this trend? Auckland.