by Miriam Bell
Trade Me Property’s analysis of new listings in the past three months shows that Auckland’s residential property market set records across the board.
While the national average asking price grew by just over $40,000 (1.8%) to a new high of $514,350 in the past year, Auckland’s average asking price grew at double that pace.
It was up by $85,300 – 13.5% year-on-year – which made the new average a record $716,050.
This is the highest of any region in the country and a new record high.
Further, over the last five years the national asking price has gone up by 27%, but in Auckland the asking price has increased by 46% in the same time.
Head of Trade Me Property Nigel Jeffries says the company’s data goes back to 2008 and the current mark is as high as it has ever been.
The company has now seen that for 18 of the past 24 months which, in his view, means that Auckland’s brakes are well and truly off.
“The healthier economy and confidence in medium-term interest rates is matched by strong demand from domestic and international migration… The upshot is that the Auckland market is driving onwards and upwards.”
He adds that the Auckland’s ongoing asking price surge includes the apartment, unit and townhouse sectors of the market.
In particular, the apartment sector has hit a new record high of $441,000 and shows “no sign of easing”.
However, while the spotlight continues to remain firmly on Auckland, it is far from doom and gloom in markets around most of the country.
Jeffries says Trade Me Property’s data shows that 13 out of 15 regions had increases in average asking prices over the past year.
In fact, alongside Auckland five other regions posted double-digit percentage increases.
They were Gisborne (up 11.2%), Hawke’s Bay (up 13.7%), Manawatu/Wanganui (up 12.7%), Taranaki (up 10.8%), and Southland (10.1%).
Besides Auckland, new average asking price records were set in Manawatu/Wanganui and Wellington in March.
However, in Canterbury, asking price pressure continue to ease while the West Coast and Otago both showed falls in asking prices as compared to a year ago.
*The Trade Me Property Price Index measures trends in the expectations of selling prices for residential property listings added to Trade Me Property over the past three months.
| « Skyrocketing Auckland prices leave those in other centres in their wake | Over 25% increase in Auckland home values since 2007 » |
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