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Regional prices hit record highs

A lack of housing stock on the market is the driving force behind a slew of record high asking prices in markets around the country.

Friday, February 1st 2019, 10:09AM

by The Landlord

Realestate.co.nz’s latest data is out and it shows the national average asking price climbed by 3.3% on the previous month to reach a record high of $695,116 in January 2019.

The property website’s spokesperson, Vanessa Taylor says this is the highest price they have recorded since they started collecting data 12 years ago.

Back then, in January 2007, the average national asking price was $410,666.

“Since then, the continuous increases in the national asking prices have largely been led by the Auckland region, but in January it was other regions which took the limelight.”

Eight regions’ hit all-time average asking price highs in January 2019 and this was the major driving force behind the new national asking price record.

Those regions included three big regional markets: Otago (which was up 4.8% to $438,367), Wellington (which was up 1.5% to $656,926) and Waikato (which was up 1.2% to $589,262).

But five smaller regions also turn in record asking prices.

They were Gisborne (up 6.5% to $417,794), Nelson and Bays (up 7.6% to $686,963) Southland (up 7.4% to $332,051), Central North Island (up 7.9% to $492,622) and Manawatu/Wanganui (up 6.2% to $381,753).

Taylor says these eight regions paint an interesting picture.

“Typically, they have experienced a fall in new listings, and have low overall stock levels, which has helped vendors command handsome prices for their properties.”

Nationally, there was a 2.5% fall in the total number of houses for sale in January compared with January 2018.

That left the total number of houses for sale across New Zealand at 24,878 in January.

Meanwhile, the data tells a very different story for the Auckland region.

While housing stock nationally was down year-on-year in January, in the Auckland region stock was up by 4.6% with a total of 9,081 homes on the market.

Of these 9,081 homes, 2,420 were new listings, which is a 12.1% increase on January 2018.

At the same time, the Auckland region’s average asking price remained flat: it was up by a mere 0.7% to $960,482, as compared to December 2018.

Taylor says the Auckland market is favouring buyers with a fresh injection of new listings, a flattening in the average asking price and a slowdown in the time it takes for properties to sell.

“That means more choice, more time and less pressure if you’re house hunting.”

 

Tags: house prices housing market housing shortage listings property investment property values real estate Realestate.co.nz

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 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 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 ▼7.65 ▼7.25 -
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 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 ▼7.84 7.35 ▼6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼7.24 6.75 ▼6.39
Median 8.64 7.19 7.27 6.65

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