Record asking price recorded

Loan-to-value restrictions kicked in today – just as Realestate.co.nz was reporting the country’s average asking price had hit a record high.

Tuesday, October 1st 2013, 12:00AM

by Susan Edmunds

The website reported that asking prices across the country are up 9% on a year ago, to an average $466,526 in September.

Waikato and Coromandel also recorded new records, of $382,595 and $505,867 respectively.

Auckland’s average asking price fell slightly to $644,968.

Marlborough reported the largest increase in average asking price, of 18.6% to $435,773.

Just four other regions reported average asking price falls – Bay of Plenty, Wanganui, Central Otago and Wairarapa. Wairarapa was the only region with a fall of more than 5% on a seasonally-adjusted basis.

Inventory levels had recovered a little, the website said. The number of homes on the market now represents 24.2 weeks’ worth of stock, still well down on the long-term average of 38.

The 36,178 homes for sale last month was well down on the 41,726 of September 2012.

Sixteen of the 19 regions included in the report were considered firmly in favour of sellers. September saw an increase of 11,000 new listings on the market, 1% fewer than the same time last year.

Northland reported the largest increase in new listings, up 41.2% on the same time last year. West Coast had 38.6% more listings than September 2012.

But 10 regions reported lower levels of new listings, with Gisborne numbers 25% down, Wellington down 11.8% and Marlborough down 22%.

Realestate.co.nz’s marketing manager Paul McKenzie said the site was seeing a fairly steady number of new listings, despite the new restrictions.

“There may be some reluctance to bring houses on to the market because people want to wait and see what happens.”
But he said he still expected to see the usual October/November lift in listings. “At the moment with inventory being so low, we do need to get listings on to ease the pressure. That’s what’s continuing to push prices up.”

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It could take months to see LVR impact: Agency »

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