Asking prices hit record

Asking prices reached a record high in November, Realestate.co.nz says.

Wednesday, December 3rd 2014, 12:00AM

by The Landlord

The website reported that the average asking price nationwide reached $497,840 in the month.

There were 13,512 new listings in November, 2% more than the same time last year.

“The New Zealand property market continues to be robust, with a very healthy number of new listings heading into summer. The new all-time high in the average asking price reflects the confidence of vendors across the country, rather than one particular region,” said Realestate.co.nz marketing manager Paul McKenzie.

Asking prices rose in nine out of the 19 regions across the country. No one region recorded a record in its own right.

Central Otago/Lakes had the biggest increase in asking price, up 12% on the previous month, to $747,781. Waikato reported an 8.2% increase, reaching $391,137. Other regions which saw big jumps in asking price in November included the Wairarapa (5.9%), Northland (5.4%) and Taranaki (5.1%).

Auckland's average asking price increased 4.9% to $731,588. Wellington and Canterbury recorded asking prices of $363,925 and $454,305 respectively.

The Central North Island, Gisborne, Hawkes Bay, Manawatu, Wanganui, Marlborough, Nelson, West Coast and Otago reported drops in asking price.

The number of new listings in November is higher than the same time last year. In particular, Canterbury saw a significant jump of 16.8% from November last year, with 1829 new listings of homes for sale. New listings in Wellington also climbed significantly by 10.1% to 1222. Other regions which experienced big jumps in new listings included Manawatu/Wanganui (20%), Southland (19.7%), Central Otago/Lakes (13.6%) and the Waikato (4.9%).

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