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Average asking prices for Auckland properties listed on Trade Me Property have risen by $85,300 in the last 12 months

Property
Average asking prices for Auckland properties listed on Trade Me Property have risen by $85,300 in the last 12 months
<a href="http://www.shutterstock.com/">Image sourced from Shutterstock.com</a>

There is no sign of the Auckland housing market taking a breather, according to the head of Trade Me Property, Nigel Jeffries.

The average asking price of Auckland homes listed for sale on Trade Me Property hit a new all time high of $716,050 in March. That was up $85,300 (13.5%) on where it was in March last year, and is very similar to the March Auckland median price reported by the Real Estate Institute of New Zealand yesterday. REINZ said the Auckland median sales price rose $83,000, or 13%, year-on-year to a fresh record high of $720,000 in March.

The new Trade Me average asking price is also a record high.

"Our data goes back to 2008 and this is as high as it has ever been and we've seen that for 18 of the last 24 months, so the brakes are well and truly off," Jeffries said.

"The healthier economy and confidence in medium term interest rates is matched by strong demand from domestic and international migration, and the upshot is that the Auckland market is driving onwards and upwards," he said.

New national record too

The strong increase in asking prices in Auckland also helped push the national average asking price to a new record of $514,350, up 8.5% compared to February last year.

Around the regions, Auckland, Hawkes Bay, Gisborne, Manawatu/Wanganui, Taranaki and Southland all posted double digit annual increases in average asking prices in March, while Wellington's average asking price was up 3.9% for the year and Canterbury's was up 7.8%.

Only two regions posted declines in average asking prices in March compared to a year earlier, Otago (-1.1%) and West Coast (-4.4%).

Apartments recorded the biggest annual increases of all property types listed for sale on the website with average asking prices of Auckland apartments up 19.2% on a year earlier, Wellington apartments were up 19.4% on a year earlier and Christchurch apartments were up 21.4%.

Asking price pressures were easing in Canterbury, where the average asking price was $450,600, which was up 7.8% on a year earlier but down from its peak of $457,100 set in December last year.

To read Trade Me Property's full market report for March, including a break down of asking prices by region and property types, click on this link.


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2 Comments

There is no sign of the Auckland housing market taking a breather...

These types of articles get people jumping into the market. The fact is prices will pull back at some stage. The question I've been asking myself for some time now is "is this the point the market will pull back to?". Prices will keep going up for a time but where will they pull back to? You don't want to buy above the point prices will pull back to. I suspect we are close to that point if not there already.

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Trying to pick either the peak value or the pull back value are equally as difficult I would imagine. Also, behind the phrasing of "pull back value" are assumptions. Maybe the peak value and pull back value will be the same ie Flat lining for years. Or maybe it will fluctuate (grow) for a lifetime. Who knows.

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