Asking prices for homes hit an all time high in June

Asking prices for homes hit an all time high in June

Record asking prices for homes in Auckland suggest it's still a sellers market, with new listings declining.

The latest figures from property website realestate.co.nz show the average asking price for Auckland  properties listed for sale on the website in June hit an all time high of $732,240, well ahead of the previous record of $685,426 set in April.

The record asking price in Auckland also helped drive the national average asking price up to an all time high of $490,550.

As well as facing higher asking prices, hopeful buyers will also likely have less to choose from, with just 8,524 homes being newly listed for sale on the website in June, 20% less than in May and 6.1% down on June last year.

"The high asking prices in Auckland in particular suggest that home sellers are confident they will get their price," Realestate.co.nz marketing manager Paul McKenzie said.

"A factor in this may be the low overall supply of homes." 

Wellington's average asking price of $454,358 was up from last month but not as high as its record set in March.

In Canterbury the asking price was $443,730, compared with the record of $449,000 set in January.

Regional average asking prices in June and the percentage change since June 2013:

  Asking price Annual change
  (average)  
Northland $474,738 +17.2%
Auckland $732,240 +6.9%
Coromandel $442,228 -1.1%
Waikato $387,827 +3.7%
Bay of Plenty $432,208 +1.1%
Gisborne $283,767 -6.5%
Hawke's Bay  $331,299 -12.4%
Central North Island $344,451 +0.3%
Taranaki $322,389 -1.7%
Manawatu/Wanganui $272,250 -7.8%
Wairarapa  $286,642 +10.4%
Wellington $454,388 +0.1%
Nelson $446,554 +1.9%
Marlborough $368,581 -22.8%
Canterbury $443,730 +0.2%
West Coast $274,135 -0.6%
Otago $282,183 -5.2%
Southland $235,915 -2.1%
Central Otago/Lakes $669,486 +10.5%

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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ok fess up, theres no way peoples salaries are going up this much.
just how many people are getting their money out of china and in the us and wherever else and buying homes here.
This is just asking for a massive OCR hike projection, it will give Wheeler a shock

Asking is not getting.

Its averages, so with fewer houses being listed and with Higher end properties being the dominant factor, obviously the average will be pushed up..

well it just goes to show how stuffed the market is, you cant say the average salary could afford that at all which shows why the market has become very unaffordable
 

The party will come to an end one day. And then there will be many thousands in negative equity with a property they can't get rid of. And when that happens would it be wrong to take joy in their suffering?

Sales at B&T city auctions (10.30am-12.30pm) were a bit stronger this week.  56% sold under the hammer (9 out of 16).  This is up from around 46-47% the last few weeks. 
The room was just over half full and the bidding was painfully slow but the end result was still pretty good for vendors.  Especially Greenlane - the Asian buyers seemed to love Greenlane!

Why Greenlane?  Why not Remuera?

I'm not sure but i think it was more about section size's: 
e.g.
Remuera:

  • 3A Upland Rd, Remuera - no bids (passed in) - cross lease site with 1/4 Share of 1987sqm

Greenlane:

  • 3 Haronui Rd, Greenlane - sold for $1.1M (CV 630K) - 860sqm

However this Remuera property went really well:

  • 42 Green Lane East, Remuera - sold for $1.31M (CV 620K) - 758sqm

 
Slow auctions but they still got some good numbers...

Auckland Top 25 Suburbs (on QV Average Value 1st July 2014)
 
1    Herne Bay - $1,852,100
2    St Marys Bay - $1,595,650
3    Remuera - $1,418,400
4    Stanley Point - $1,365,700
5    Epsom - $1,324,700
6    Campbells Bay - $1,279,350
7    Ponsonby - $1,273,150
8    Westmere - $1,266,450
9    Orakei - $1,240,950
10    Mission Bay - $1,219,900
11    Devonport - $1,186,900
12    Kohimarama - $1,178,550
13    St Heliers - $1,160,500
14    Omaha - $1,157,300
15    Takapuna - $1,155,600
16    Parnell - $1,136,450
17    Glendowie - $1,131,900
18    Castor Bay - $1,127,500
19    Mellons Bay - $1,091,000
20    Narrow Neck - $1,069,950
21    Dannemora - $1,015,200
22    Greenlane - $1,015,100
23    Mt Eden - $1,006,150
24    Pt Chev - $1,000,450
25    Milford - $980,800

 

We have been looking at buying in Tauranga region. As single income, first home buyers we are at the bottom of the rung, looking through some real dives in rough parts of town. Whats been suprising is the amount of auctions in that price bracket that have passed in. If a house is up for auction, we don't bother with it. So far, all the houses I've had on my radar that have gone to auction are back with 'price for neg' and then after a few weeks, on for a price.
The bottom end of the market here is dead in the water. This was the sentiment echoed by my bank manger who insisted it was dead, with all sales being CV, contrary to the dreams of every agent I've spoken to.
As large father said above, asking is not getting.