Average asking prices for homes reach new records in every NZ region — Trade Me

Source: 1News

The average asking prices for properties across every single region in the country reached new records last month, the first time Trade Me says they’ve ever seen it happen.

“It’s fair to say the New Zealand property market has never been hotter,” Trade Me Property spokesperson Logan Mudge said.

Mudge said the national average asking price reached a record-breaking $767,050, an “eye-watering” increase of 13 per cent compared to the same time in 2019.

Nationwide, demand was up 15 per cent while supply was down nine per cent for December.

“Demand is up and supply is down and as long as this picture remains, prices will continue to skyrocket,” Mudge said.

The biggest average asking price growth was seen in Gisborne (up 32 per cent, now $506,800), followed by Manawatū-Whanganui (up 22 per cent), Southland (up 15 per cent) and Otago (up 13 per cent).

For the main centres, Wellington saw the biggest increase year-on-year for average asking prices, which went up 11.9 per cent year-on-year. Auckland followed closely behind with 10.7 per cent.

The average asking price in the Wellington region is now $763,000. For Auckland, it reached $1.025 million.

The Trade Me property data was produced from properties listed on its site in the three months leading up to December.