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News from Trade Me Limited
The New Zealand property market continues to scale new heights with eight of the country’s fifteen regions hitting record average asking prices in November, according to the latest Trade Me Property Price Index.
Head of Trade Me Property Nigel Jeffries said the national average asking price has reached a 2019 high of $678,950, up 2.4 per cent on November last year and a whopping 62 per cent up from five years ago.
Mr Jeffries said Wellington continued its record-breaking run and the average asking price in the capital was up by nearly 1 per cent on October and 9.7 per cent year-on-year.
“Property prices in the Wellington region took off in mid-2016, much later than the Auckland market, and have shown no signs of slowing since. The average asking price in the Wellington region has now reached $676,450, putting it almost on par with the national average. Every district in the region recorded solid growth with South Wairarapa registering another incredible year-on-year leap, this time of 34 per cent.”
Mr Jeffries said a lack of supply continued to be a major factor affecting Wellington house prices.
“The number of properties listed for sale in the Wellington district was 16 per cent lower than November last year, while views were up by 13 per cent. This mismatch in supply and demand suggests the Wellington price surge isn’t ready to end just yet.”
|District||Average Asking Price (November 2019)||Year-on-year change|
|Wellington Central||$792,550||Up 8.7%|
|Lower Hutt||$593,000||Up 4.3%|
|Upper Hutt||$588,600||Up 6.4%|
|Kapiti Coast||$649,200||Up 16.4%|
|South Wairarapa||$713,800||Up 34.3%|
All house sizes hit record highs in Wellington
Mr Jeffries said Wellington hit new highs across all three house sizes in November.
“Both small (1-2 bedrooms) and large (5+ bedroom) homes saw some major year-on-year growth in prices – the latter storming past the million dollar mark. Christchurch also saw a solid rise in the large homes market and it was the only house size tracking up for Auckland.”
Excluding Auckland, 3-4 bedroom houses reached the new high of $583,200 and 1-2 bedroom properties also hit a record $399,950.
Apartments hit new highs in Auckland and Wellington
“Apartment asking prices in Wellington and Auckland reached new highs in November, coming in at $587,900 and $709,450 respectively. In Christchurch…………
Continue reading this article at the original source from Scoop Wellington
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