Average asking price of Auckland homes on Trade Me Property hit a record high of $817,150 in February but apartment prices are sliding

The average asking price of residential properties listed for sale on Trade Me Property in the three months to February was $550,600, up 1.6% on the three months to January and up 9% on the same period a year ago.

In Auckland the average asking price reached a record high of $817,150 in the three months to February, up 2% on the three months to January and up 15.1% on a year earlier.

There was also a big jump in the average asking price in Wellington, which rose to $468,300 in the three months to February from $456,650 in the three months to January, putting it 5.4% up on the three months to February 2015.

In Christchurch there was a modest rise in the average asking price to $467,300 in the three months to February from $466,550 in the three months to January, to be up 5.2% compared to a year earlier.

However, prices were not rising for all types of properties.

Although average asking prices for stand alone houses have been rising, asking prices of apartments and townhouses have been falling in Auckland and Christchurch.

In Auckland, the average asking price of apartments declined for the third month in a row to $513,650, down $88,200 (14.7%) since November last year.

The average asking price of Auckland townhouses also declined for the third month in a row, from $759,050 in the three months to November to $751,150 in the three months to February.

In Christchurch the average asking price of apartments has dropped dramatically, falling from $410,000 in the three months to December to $345,000 in the three months to February which was down 24.9% compared to a year earlier.

Trade Me's Head of Property Nigel Jeffries said apartments and home units were in vogue last year but that interest was waning in favour of houses.

"The average asking price for apartments slipped below $500,000 in February after an intense period of growth," he said.

"We've seen asking prices skyrocket from $437,550 in February 2015 to a peak of $560,200 in November 2015, but it has since slipped back by $70,000.

"The Auckland housing apartment market is heavily influencing this weakness, accounting for close to 60% of the national apartment market," he said.

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