The median property price in Auckland is forecast to hit more than $1 million by the end of 2020, rising $57,000 in 3 months.

Wellington was expected to see a $43,200 rise in median house price over that period to $763,200, Dunedin a $31,140 increase in price to $550,140, and Christchurch a $24,750 rise to $519,750.

Despite a 12.2% decline in gross domestic product for the June quarter which pushed New Zealand into recession, house prices would continue climbing, according to economists.

An increase in Auckland’s median house price of 6% to December, to $1.007 million, was more than the median New Zealand yearly income of $55,120 from wages and salaries.

Wellington and Dunedin would see a 6% gain, and Christchurch a 5% lift.

“New Zealand’s property market has proven to be remarkably resilient in the face of both a global pandemic and now a recession,” said Kevin McHugh, Finder’s publisher in New Zealand.