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Spring magic makes for price rises

Prices are on the rise around the country with every region seeing a year-on-year increase in October, Trade Me Property’s latest data reveals.

Tuesday, November 20th 2018, 10:17AM

by The Landlord

Not only was the national average asking price was up by 6.6% on last year to hit a new high of $664,950 in October, but all 15 regions saw year-on-year price increases.

Further, nine out of 15 regions reached new record asking prices - including Auckland ($946,400), Canterbury ($481,050), Otago ($567,950), Waikato ($570,900) and Wellington ($602,950).

Head of Trade Me Property Nigel Jeffries says prices rise when demand outstrips supply which is what they’re seeing across the country.

“This is despite far more houses coming onto the market than last year. In October there was a 14% boost in the number of properties for sale compared with 2017.”

Jeffries says Queenstown “stood out like an expensive sore thumb”. It saw a 16% increase on last year to come in at a record average asking price of $1,347,450, which is the most expensive in the country.

Wanaka also saw a significant 23% year-on-year increase to hit $1,069,750.

But it was the climb of the average asking prices in the main centres which was particularly notable.

Wellington’s average asking price cracked the $600,000 mark for the first time after climbing 9.9% on last year to reach $602,950.

Jeffries says it’s full steam ahead for the Wellington property market as it continued its upward trend in October with many districts in the region breaking records.

“The latest rateable value update by Wellington City Council has seen the average RV climb about 45%, which is incredible growth in just three years.

“While homeowners will be happy, those people trying to get their foot on the first rung of the Wellington property ladder will be finding it much harder.”

He adds that in the last six months, the average asking price in Wellington has jumped up a solid $31,550. “While this rate of growth can’t continue forever, it looks set to stay for the foreseeable future.”

Meanwhile, the average asking price in Auckland reached a new record in October. It is now within a whisker of $950,000, after a 3.2% climb on last year to $946,400.

The Super City market has been quiet in recent months. But Jeffries says that after the winter lull, they typically see the property market bounce back in spring and this year has been no different.”

“There has been a large increase in the number of properties for sale in the Super City. Buyers in the Auckland region have plenty to choose from at the moment with 23% more properties onsite than last year.

Tags: house prices housing market property investment Trade Me Property

« Housing crisis needs building surgeNew record for Wellington prices »

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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

Last updated: 28 March 2024 9:42am

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