National all time high asking prices

MEDIA RELEASE
Asking price rising with the temperature as main centres hit all time high

National all time high asking prices and a healthy increase in new listings signal spring is now in full bloom

AUCKLAND, 1 November 2013 – The average asking price for properties in New Zealand once again reached an all-time high. Increases across the major regions, including Auckland, are behind the new record. There will be more properties available to buyers thanks also to a healthy increase in new listings.

According to data released today by Realestate.co.nz in the NZ Property Report, the big news is that asking prices across the nation have jumped. The new national asking price is $482,063 compared to this time last month, also a record high at $466,526. Phillip Dunn, Acting CEO of Realestate.co.nz, says this increase has been driven by “all main centres hitting an all time high – particularly notable is the increase by just over $16,000 in Auckland to make their new asking price a high of $666,126”.

The Hawkes Bay, Wellington and Canterbury regions all experienced significant increases in asking prices and set new records, also. An average property in the Hawkes Bay is selling for $375,209 while in Wellington and Canterbury buyers could expect to pay $465,050 and $441,908, respectively.

Last month, using previous years data, Realestate.co.nz predicted that October’s figures would welcome in a supply of fresh new listings. This has certainly been the case, as along with asking prices, listing numbers also soared. “There has been a really strong recovery of listing numbers in every region except the West Coast,” says Dunn, while 14 regions are also up from last year. This month listings are up by 27% to sit at 13,978 compared to last month’s 11,000 figures. Compared to this time last year, listings are in good shape and up by 10%.

The number of new listings in Auckland has risen by 28% - 1% higher than the national average – and there were 4,783 properties listed on the market during October. This is 19% more than last year.

Canterbury is also well on the way toward a strong recovery of new listings with a 31% increase to make the number of properties available in Canterbury total 1,549. This is also 11% up on this time last year.

“October brought the highest number of listings we’ve seen across the board since March 2010 and in Auckland – this is the highest number of new listings we’ve seen in over 5 years”, says Dunn.

Auckland hasn’t seen this many new listings since April 2008.

“Listings are up, asking prices are up… seller confidence is high”, says Dunn. “Inventory has stayed relatively flat but there has been a slight ease in pressure”. Inventory in the Auckland region has seen a 5% increase to 12.1 weeks. Compared to the long term Auckland average of 29% this is still low.

In other regions, Canterbury saw an 8% inventory increase, taking it to 16 weeks compared to last month’s 14.9. Inventory crept to an all time low in Waikato, however, falling to 25.8 weeks compared to the previous 27.4.

This time last year the Realestate.co.nz property report showed a jump in national average asking price. “The increase in average asking price this year is actually less in terms of the percentage it increased last year, so this month’s jump isn’t unexpected. The increase mirrors the trend from last year”, Dunn says. “It’s another lift on the back of a number of record high asking prices seen this year”.

Realestate.co.nz is the country’s most comprehensive property listing website, profiling listings of licensed real estate agents with more than 100,000 listings covering residential, commercial, business and farms for sale.

The November 2013 issue of the NZ Property Report, a monthly report of housing market activity compiled by Realestate.co.nz, can be found along with additional analysis of the property market at www.unconditional.co.nz, the news and information website for New Zealand real estate.

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NZ_Property_Report__1st_Nov_2013_Realestate.co.nz.pdf

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