Average NZ house asking price hits record high

by Krizzel Canlas05 Feb 2019

The average New Zealand house asking price has risen by nearly $23,000 over the past month, but buyers remain interested in the market, according to realestate.co.nz.

New figures from realestate.co.nz show the national property asking price in January climbed to $695,116, up 3.3% from the previous months. This is also the highest on record since realestate.co.nz started collecting data 12 years ago, when the average national asking price for a property was $410,666

Eight regions’ all-time asking price highs are the major driving force behind the new record high, realestate.co.nz spokesperson Vanessa Taylor said. These include Waikato, Gisborne, Wellington, Nelson and Bays, Otago, Southland, Central North Island and Manawatu/Wanganui.

“These eight regions paint an interesting picture,” Taylor said. “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.

Statistics also show a total of 24,878 house sales across New Zealand, down 2.5% year-on-year. Despite this, property seekers were described as still heavily interested in the market, with realestate.co.nz registering 1,126,076 unique users who were browsing for property in January.

“The Kiwi passion for property is alive and kicking,” Taylor added.

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