It says the market “sprang into action”
Trade Me Property has found a surge in demand and spike in new listings throughout New Zealand – with a 12% increase in the total number of views of property listings on the site and 10 of 15 regions having record asking prices for residential property in October.
Nigel Jeffries, head of Trade Me Property, has commented that the market “sprang into action.”
"We saw a surge in demand as well as a spike in new listings. The number of properties for sale on Trade Me rose 9 per cent on September. However, despite this increase, demand is still outstripping supply which means prices are climbing," Jeffries told Stuff.co.nz.
"The Bay of Plenty, Canterbury, Hawke's Bay, Manawatu/Whanganui, Nelson/Tasman, Northland, Otago, Southland, Waikato and Wellington, all saw record high asking prices in October while the national average asking price rose 1.2 per cent year-on-year to $672,600."
Read more: Auckland's house sale activity continues to increase
Wellington’s asking prices jumped 11% compared to last year, while those of Canterbury went past $500,000 for the very first time.
"Property prices in Canterbury have hovered around the $480,000 mark for the last couple of years but this new record could be a sign of things to come," Jeffries said. "We reckon Canterbury's property market will see some strong price growth in 2020 demand is strong and after a long quiet period there are signs the region is starting to see a shift in the market."
Meanwhile, Auckland’s asking prices dropped 3.1% in October but Jeffries clarified that it’s a sign that the market was stabilising.
"In October we saw an 8 per cent jump in listings and a 3.9 per cent rise in average asking price to $916,850 when compared to September. This reverses the situation we saw earlier in the year which will come as a relief for homeowners and indicates that the Auckland market may have found its rhythm again after some slow months,” he said. "Prospective buyers in Auckland still have plenty of reason to smile this month with plenty of properties on the market to choose from and lower prices than 12 months ago."
