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A tale of two cities prices

Asking prices in Auckland continue to decline while Wellington’s asking prices are still running hot, according to the latest Trade Me Property Price Index.

Tuesday, August 20th 2019, 10:27AM

by The Landlord

Auckland’s average asking price fell by 2.2% year-on-year in July to $875,450 – which is the region’s lowest average asking price since September 2016.

Trade Me Property’s Aaron Clancy says it the fourth consecutive month Auckland’s property prices have dipped and it leaves the average asking price down by almost $71,000 from the peak in October 2018.

“After years of eye-watering price increases the heat has well and truly been taken out of the Auckland property market.”

“With interest rates hitting all-time lows and property prices dipping it’s not surprising that we saw a surge of demand for Auckland properties in July, with listing views up 10% on last year.”

Looking around the region, Auckland City’s average asking price fell below the $1 million mark for the first time in almost a year to $987,250, dipping 0.4% on last year.

The average asking price in North Shore City fell 1.4% to $1,081,300 while Waitakere City dipped 0.7% to $799,250 in July.

In stark contrast, Wellington’s average asking price rose by 9.4% year-on-year to $636,250 in July.

Clancy says it’s full steam ahead for the Wellington property market after average asking prices have gone up by $54,750 in just 12 months.

“It’s not showing any sign of slowing down either, with the last two years seeing the most rapid increases.

“With the spring selling season around the corner we expect to see a flurry of activity in the market and we think more record asking prices are likely in the capital.”

While every district saw a solid year-on-year increase, the big movers in Wellington were those just outside the central city, Clancy says.

“Property prices in Porirua and Upper Hutt saw strong double-digit growth in July, with the average asking price jumping 15 and 14.5% respectively.”

“Interest in Wellington property listings also remained strong in the middle of winter with the number of views up 7% year-on-year.”

Hamilton’s market also turned in a strong performance in July. It’s average asking price rose in line with price growth in the Waikato region, with the average asking price climbing 7% to $611,350.

Clancy says demand for Hamilton properties is on the rise as more Kiwis look to buy in the ‘halo’ regions around Auckland. “The city is experiencing a surge of demand with the number of views on property for sale rising 11% on last year.”

However, the regions turned in a mixed bag of results – although the national average asking price remained stable in July, up by 0.9% on last year to $638,500

Clancy says Manawatu/Whanganui, Otago and Southland all experienced strong double-digit growth and new records.

“Gisborne was also a strong performer with property prices jumping 18% year-on-year to $360,800. But Taranaki and Auckland, on the other hand, experienced a dip in average asking price.”

 

Tags: Auckland average price house prices housing market interest rates investment Mortgage Rates property investment property management Trade Me Property

« Development focus for new Hamilton-Auckland partnership New policy to address “failing” cities »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.75 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 6.75 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 ▲6.89 ▲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 6.75 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 ▼7.29 ▼6.59
SBS Bank Special - 7.24 ▼6.69 ▼5.99
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 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.29 6.65

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