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Last Article Uploaded: Friday, September 20th, 1:11PM
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Asking price rise eases: Trade Me

Trade Me has developed a new index that measures the average asking price for its residential property listings and it shows buyers’ expectations have levelled off.

Thursday, October 2nd 2014, 12:00AM

by The Landlord

The index, launched today, shows asking prices reached a high of $491,050 in March before falling to $487,650 in September, which was virtually the same price as was recorded in August.

Trade Me Property head Nigel Jeffries said the 0.1% increase in asking prices between August and September was very different to the trend of earlier in the year. “We saw the change in asking price up more than 5% in March, and there was 3% month-on-month lifts in both February and April. It’s a sign that the market is in a sustained period of quiet time.”

He said looking at long-term data provided more evidence that the market was cooling. “We looked back to September 2009 and compared this with September 2014 and we’ve seen asking prices rise by 26% over that period. A good chunk of that rise has been over the past two years but in recent months we’ve seen that pace of increase all but stutter to a halt.”

Properties with one or two bedrooms had the biggest year-on-year increase in asking price, up 15% in September compared to the same time a year earlier.

The biggest properties, those with five or more bedrooms had slower growth, with asking prices up 9%.

Auckland’s average asking price across all property types was $647,800 in September, up just over 10% on September 2013.

Wellington’s September average was $426,150, up 6.8% and Christchurch’s was $434,500, up 12%.

Taranaki reported a 23% increase in asking price year-on-year, followed by Gisborne with 19%.

Only the West Coast had a drop in asking price between 2013 and 2014, down 9.5%.

« Healthy lifestyle property market: REINZSigns point to improvement, agency says »

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ANZ Special - 3.65 ▼3.54 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
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Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
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Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
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HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
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RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 ▼3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 ▼3.54 3.99
Median 5.35 4.15 4.09 4.19

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