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Warmer weather heats up housing market

The Trade Me Property Price Index shows the national average for October rising by 2.7% to $623,700 from September.

Wednesday, November 8th 2017, 12:00AM

by The Landlord

Nationwide property prices rose 2.7% in October.

It's been lean pickings for buyers over the last five months, with little housing stock available nationwide, but October saw the market perk up with 30% more listings on the site than in September. 

Trade Me Property head Nigel Jeffries says that this time of year is usually buoyant, but it's taken longer than usual for the market to kick into action.  

“Usually by this time of year we expect to see the property market in full swing, but with the election in play it’s pushed everything back. We’re starting to see some of the movement we’d normally expect in this peak buying and selling season," he says. 

Auckland property listings on Trade Me buck the downward trend revealed by the latest QV figures, rising by 2.2% from last year to $925,300. 

“If we compare this with October 2010, we can see the massive changes in the Auckland property market over the past seven years. Since 2010, the number of houses for sale has dropped 58 per cent which has forced the average asking price up 88 per cent from a relatively tiny $487,250."

This trend is mirrored in the capital, with average asking prices surging 11.7% from last year. 

“While Auckland has stalled in recent months, the capital’s property market has been surging ahead. It’s very common to see the bubble from a large property market spread - first it was the halo regions of Northland, Waikato and the Bay of Plenty and now Wellington looks to be the next cab off the rank. We’ve seen consistently strong growth and the market isn’t showing any signs of slowing."

The provinces also performed well in October, with record average prices in Hawke's Bay ($487,300), Manawatu ($309,700) and Waikato ($534,900). Marlborough in the South Island also broke its previous record, with an average asking price of $464,650.

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AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

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