The latest data on asking prices indicates Auckland has remained ‘static’ over January but other regions are still on an upward rise.
Real-time market statistics from realestate.co.nz show that Central Otago/Lakes recorded the biggest average asking price increase of 17.6% ($888,567), followed by Central North Island at 12% ($413,392), Hawkes Bay at 10.8% ($413,405) and Bay of Plenty at 9.8%($592,479).
“While the national average asking price climbed just 1.1 per cent last month, this is still an all-time high of $624,709. However, the full set of statistics would suggest that seasonality is still in full swing,” says realestate.co.nz CEO Brendon Skipper.
“Wellington is always an interesting market to watch and in January was another region showing an all-time high in terms of asking price at 5.6 per cent ($556,807). However, it’s looking light in terms of listings with only six weeks’ worth of inventory, compared to 16 weeks in Auckland,” says Skipper.
Other upward movers included Taranaki at 4.8 per cent ($387,594); Manawatu/Wanganui up 4.7 per cent ($310,437); Otago up 4.6 per cent ($358,897) and Coromandel up 2.3 per cent ($700,352).
“At this point it’s too early to tell if this upward spike will be a trend for 2017.”
The average asking price in Auckland in January was $943,002 compared with the previous month at $949,898.
“In Auckland it’s too early to say whether asking prices have been affected by the traditional seasonality, as the asking price remained quite static in January. However, new listings are up 5.5 per cent compared to January 2016. We have seen another drop in demand in Auckland, down 25.39 per cent, meaning buyers can approach the market with more choice.”
In terms of inventory around New Zealand, Auckland is sitting at 16 weeks; Taranaki is sitting at 17 weeks; Manawatu/Wanganui is sitting at 13 weeks; Otago at 11 weeks and Coromandel at 35 weeks.
Inventory provides a measure of the rate of turnover in the market, by calculating how long it would take for current property stock to sell out if, theoretically, no new properties were to be listed after today.
“Next month should give us a clearer indication of trends across all measures,” says Skipper.
Regions that reached an all-time high in average asking price in January 2017:
Central Otago/Lakes +17.6% ($888,567)
Central North Island +12.0% ($413,392)
Hawkes Bay +10.8% ($413,405)
Bay of Plenty +9.8% ($592,479)
Wellington +5.6% per cent ($556,807)
Taranaki at +4.8% ($387,594)
Manawatu/Wanganui +4.7% ($310,437)
Otago up +4.6% ($358,897)
Coromandel +2.3% ($700,352)