Asking prices bust through the $500,000 barrier

Asking prices bust through the $500,000 barrier

The average asking price of a property for sale in New Zealand broke through the $500,000 barrier for the first time in November, as the Trade Me Property Price Index rose 2.3 per cent.

The Property Price Index measures trends in asking prices for residential property listings added to Trade Me Property by real estate agents and private sellers over the previous three months. It provides buyers, sellers and realtors with insights into ‘for sale’ price trends by property type and property size.

Head of Trade Me Property Nigel Jeffries said the new record high in asking price signalled ongoing confidence in the property market from sellers. “The November data echoes the lift we saw in October, meaning sellers have continued to raise their price expectations to land at a new high water mark of $509,750. There has been a resounding resurgence in the property market after a pretty subdued winter and that all adds up to good news for sellers and a bitter pill for buyers to swallow.

Full Document at Trade Me Property Price Index

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