New Zealand house prices have reached a new milestone, with the national average property value hitting NZ$1m (£514,000) for the first time, which is more than double the price of the average UK property.

Just why a home in New Zealand should cost more than twice as much as home in the UK is a mystery, especially when you consider that the UK has a GDP per capita that is 10% higher and it is also far more densely populated with 16 times more people per square mile of land (717 in the UK compared to just 45 people per square mile in New Zealand).

New figures from OneRoof and its data partner Valocity show the typical cost of a property across New Zealand have increased by 4.9% in the last three months and have increased by 27% since September 2020. The doubling of the national average property value in less than a decade will put further pressure on first home buyers, and many may see deposit requirements pushed up to NZ$200,000 - more than three times the average annual wage.