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Property commentator Ashley Church predicts house prices will double in next six years

With house prices booming, the prospect for many people looking to get on the property ladder is looking further out of reach.

Source: 1 NEWS

But one property commentator is urging anyone thinking about taking the plunge to get in quick as he expects house prices in New Zealand to double between 2020 and around 2026 or 2027.

Ashley Church told 1 NEWS it would be "nonsense" if anyone had been advised to wait for a dip in prices.

"It's just the wrong thing to do," he said.

"The boom is here for a while."

However, Trade Me Property Sales Director Gavin Lloyd said over the next five years, he instead expected to see house price growth slow and "a more moderate lift" nationally.

He added, though, that "in the short term, however, we expect the price growth to continue to be more pronounced - particularly in the Auckland region".

In Auckland, Lloyd said the average asking price for a property had increased by 24 per cent in February 2021 when compared with the same month in 2016, from $817,150 to $1,014,800.

"In the past year alone, property prices in the Auckland region have increased by eight per cent," he said.

"We are not seeing any signs the Auckland property market is slowing down and expect to see the average asking price continue to rise over the next few years."

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Many New Zealanders are struggling to get into the housing market. Source: 1 NEWS

Yesterday, the Government moved to tackle one of the biggest issues facing the country, though, with a range of new policies to help cool the housing market.

Prime Minister Jacinda Ardern described the $3.8 investment as "a package of both urgent and long-term measures that will increase housing supply, relieve pressure on the market and make it easier for first-home buyers".

But Lloyd pinned the blame on supply.

"We predict housing market supply will continue to be a major issue that will only be exacerbated by the opening of the borders once we are able to," he said.

"A lack of access to land nationally and a reluctance to embrace denser housing in the regions will also be contributing factors that put pressure on supply."