Property prices in the biggest cities in New Zealand are continuing to increase due to demand, and values are reaching new records. According to a report from the realestate.co.nz, the average asking price for a home was $611,864 in October which is a massive increase of 9% compared to the same month last year.
According to estate agents Barfoot & Thompson, the average asking price for a property in Auckland was $618,707 in October which is an increase of 5.6% compared to the previous month.
Average asking prices are also increasing nationally, reaching a new high of $445,529. Prices and Canterbury are also increasing, with the average price having reached $414,070 which is 13% higher than a year ago.
Auckland and Canterbury are the two largest property markets in the country, and seller confidence is clearly high in these areas. While prices increased in most areas, they declined in the West Coast by an average of 6.8% to reach $285,657.
Buyer activity during October was extremely high, and estate agents saw competitive bidding at auctions as demand outstripped supply. For example Barfoot & Thompson listed 1,645 new homes during October which is the highest level in 31 months, and the most for any October during the last three years.
However even this number of listings was insufficient to meet buyer demand, particularly for homes at the higher end of the market. During the first ten months of this year the company has sold 783 homes worth more than $1 million, an increase of 64.4% on the same period last year.
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