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Listings surge and prices up

Property prices have edged up slightly heading into the summer break.

Monday, December 18th 2023, 9:44AM

by Sally Lindsay

Trade Me's Property Price Index for November shows the national average asking price for a property reached $864,650, up 0.5% compared to October.

Some of the smaller regions have had the biggest changes. Gisborne has led the way with a 3.5% month-on-month increase, bringing the average asking price up by $20,000 to $627,700.

Following close behind is Northland with a 2.3% rise, lifting the average asking price for the region to $841,700. One of the main drivers has been Whangarei, which had a 4.4% increase when compared with October, upping the average asking price by more than $30,000 to $831,100.

Among New Zealand's major cities, Christchurch stands out as the only region experiencing a year-on-year increase. The average asking price reached $701,900 in November, up 0.2% on the month prior.

This is led by smaller dwellings with 1-2 bedrooms rising 2.9% year-on-year, making the average asking price $531,350.

Christchurch has emerged as a great option for first home buyers, especially if they don't need a big property. It’s the most affordable option for Kiwi and prices have also been relatively stable when compared to Auckland and Wellington,” Gavin Lloyd, Trade Me’s property sales director says.

Five plus bedroom properties in Auckland had a 16.2% drop in average asking price, falling to just over $2.3m. Across all size properties in Auckland, there was an 8.4% decline, bringing the average asking price to $1,213,750.

In Wellington, the average asking price has fallen to $910,500, reflecting an 8.3% drop compared to the same time last year.

Supply hits double digit growth

The supply of properties for sale increased by 11% last month across the country, the biggest month-on-month increase this year.

Wellington (18%) and Otago (15%) both had double-digit increases, but Gisborne stood out with the most significant surge, recording a 34% increase compared to October.

"After the uncertainty of the election and a new government it’s clear that Kiwi now feel comfortable enough to put their properties on the market,” Lloyd says.

Nationwide, demand was up by 2% in November, with Gisborne again leading the way with a 23% increase in listing views.

Properties selling almost a week faster

With demand heating up nationwide, properties are also now selling quicker than they did last year.

The median time for a property to be listed onsite has fallen to 51 days, which is six days less than it was in November last year.

“When homes are selling quickly in New Zealand, it's a great sign for the property market. Fast sales mean there's a lot of interest and demand, which is good news for both sellers and buyers,” Lloyd says.

Tags: Trade Me Property

« Housing market still at a low ebb despite lift in sales Sales dive to new depths – lending at low DTIs »

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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 7.75 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 ▼7.74 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 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.21 7.29 6.65

Last updated: 17 May 2024 9:41am

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