National average property asking price hits 14-year high

Source: 1News

The national average asking price for property in New Zealand has hit a 14-year record high, according to realestate.co.nz data.

Houses in Mt Albert (file picture).

The asking price average rose 23.4 per cent to $985,245 in December when compared to the same time a year ago.

Nine regions hit record-high asking prices. They were Hawke’s Bay (up 36.9 per cent to $865,209), Wairarapa (up 30.1 per cent to $827,766), Bay of Plenty (up 29.1 per cent to $999,978), Central North Island (up 28.8 per cent to $825,617), Canterbury (up 27.6 per cent to $674,222) Manawatu/Whanganui (up 27.2 per cent to $671,958), Otago (up 20 per cent to $652,839), Taranaki (up 19.6 per cent to $617,466) and Central Otago/Lakes District (up 19.1 per cent to $1,398,407).

But realestate.co.nz spokesperson Vanessa Williams said the data also showed housing supply has gone up by nearly 30 per cent since December 2020, which is an increase of about 4000 properties.

A for sale sing outside a house.

"Typically, more stock would result in cooling prices because buyers have more choice, but we haven't seen that happen yet," Williams said.

"If stock continues its upward trend into 2022, it'll be fascinating to watch the impact on asking prices."

She added, though, that the increase in the total number of homes Kiwis can purchase across Aotearoa means the market is becoming more palatable for property seekers.

"Buyers across the country have more choice coming into 2022. This could mean less FOMO (fear of missing out) and perhaps even more properties hitting the market.

"If sellers are confident that they'll be able to purchase after they sell, we could see this number continue to climb."

Housing stock more than doubled year-on-year in four regions. They were Wellington (up 206.6 per cent), Manawatu/Whanganui (up 133.7 per cent), Wairarapa (up 111.8 per cent) and Hawke’s Bay (up 107.4 per cent).

Meanwhile, other regions also saw big increases in stock, with Otago up 54.4 per cent, the Bay of Plenty up 45.3 per cent, Waikato up 45.2 per cent and Southland up 32.5 per cent.

"It's heartening to see more housing availability coming into 2022. It looks like there's an exciting summer ahead for buyers and sellers alike," Williams said.