The average asking price for houses in New Zealand reached a record high of $717,600 last month compared with September last year, according to Trade Me’s Property Price Index.
Interest rates, a lack of supply and the "brain-gain" from Kiwis returning to New Zealand as a result of Covid-19 were behind increasing prices, Trade Me Property spokesperson Logan Mudge said.
Seven of 15 regions nationwide reached record property asking prices.
“The average asking price in Wellington, Auckland, Taranaki, Marlborough, Manawatu/Whanganui, Northland and the Bay of Plenty all hit record highs in September as a flurry of buyers hit the market.”
Nationwide demand was up by 20 per cent on this time last year, while supply remained flat.
“The biggest jumps in demand were seen in Wellington and Auckland, with both regions seeing listing views climb by 24 per cent when compared with this time last year. Waikato and Marlborough were not far behind, seeing a 23 per cent year-on-year,” Mudge said.
“For the first time since early 2017, the average asking price in the Auckland region experienced double-digit annual percentage growth to reach a new record at $972,650. This marks a 10 per cent increase when compared with this time last year when prices were at $882,850 – that’s a $90,000 increase.”
Wellington city was the most expensive district in the region, with an average asking price of $818,400, up 6 per cent year-on-year,” Mudge said.
“With the exception of Gisborne, every region across New Zealand saw an annual increase in demand with most experiencing double-digit growth in September.”