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Asking prices for all Auckland property types now over $500,000

Doors are closing for Auckland buyers with less than $500,000, according to new Trade Me Property data.

Wednesday, June 17th 2015, 12:34PM

by Miriam Bell

The latest Trade Me Property Price Index shows that, for the first time, the average asking prices for all Auckland property types are now over $500,000.

Average apartment asking prices are $504,500 while the average unit asking price is $509,250 and the average townhouse asking price is $685,250.

Overall, with an increase of 16.9% since May 2014, Auckland’s average asking price is now $747,450.

Head of Trade Me Property Nigel Jeffries said that, at $565,000, the average asking price for a 1 or 2 bedroom home in Auckland is now higher than the average asking price for all homes across the country ($535,250)

Jefferies said that Auckland’s prices are continuing to surge and have yet to show any signs of slowing down. 

“Buyers have recently been looking at apartments and units as an option for starting on the property ladder, but anyone hoping to find themselves a property investment under $500,000 is going to find it increasingly difficult.”

Recent Reserve Bank and government attempts to dampen the market are yet to have an impact on asking prices, he added.

For example, it was the first time Auckland apartment asking prices have topped $500,000.

Jeffries said the “oft-maligned cousin” of the Auckland housing market has seen price expectations surge recently.

“Over the last year the average asking price for an Auckland apartment has risen a massive 27.8% ($114,050) to a record high of $504,500.

“In comparison, five years ago the average asking price for an Auckland apartment was $316,000.”

Although Auckland asking prices hit yet another record-setting serve, the national average asking price fell 0.8% month-on-month to $535,250.

Twelve regions saw their average asking prices increase, while three (Hawkes Bay, Manawatu/Wanganui and Otago) saw declines (of -3.1%, -1.3% and -0.2% respectively).

Jeffries said some interesting trends were evident in some of the regions.

Canterbury posted a new record average asking price of $469,600 in May. This was up 12.0% year-on-year and indicated a pick-up in pace, after a slight pause.

Meanwhile, Taranaki and Southland both showed strong growth in asking price expectation over the past year.

Southland was up 13.3% to $249,500 while Taranaki was up a hefty 23.2% to $304,250.

« Auckland house prices up 20% in a yearNational average asking price up »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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