Kiwi property market kicks back into gear

Kiwi property market kicks back into gear

The property for sale market is making up for lost ground following changes to home loan lending criteria in October, with average asking prices in the three months to February increasing by 1.6 per cent on last month and 9 per cent on a year ago, landing at $550,600.

Head of Trade Me Property Nigel Jeffries said the hesitancy over recent months had been “washed out” of the property market. “In summer the market took its foot off the gas, but as we anticipated it looks to be back on track. While not hitting any record highs, the average asking price nationwide is up more than $45,000 on a year ago.”

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