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Asking price for provincial homes hits $500k, Auckland down 0.7pc

JUNO INVESTING ©
Asking price for provincial homes hits $500k, Auckland down 0.7pc

 

The average asking price for New Zealand houses outside Auckland, Wellington, and Christchurch has reached the NZ$500,000 mark for the first time, an increase of 6.8 per cent in the last year, new Trade Me data shows.

Head of Trade Me Property Nigel Jeffries says in a press release that according to the Trade Me Property Price Index, Auckland is bucking the national trend after its average asking price fell 0.7 per cent on last year, to NZ$912,500.

“Buyers will be pleased to hear the Auckland property market has stalled for a second consecutive month and, with a 4 per cent increase in the number of properties for sale, it’s a good time for first home buyers trying to get a foot on the ladder,” Jeffries says.

“While the dip in the Auckland housing market has been making headlines, our property market is still very strong outside the overheated market in the Super City.”

Across New Zealand, the average asking price rose 1.7 per cent on last month to NZ$636,650.

The average number of views on property listings was down 1.6 per cent on March 2017, Jeffries says.

The Trade Me Property Price Index measures trends in the expectations of selling prices for residential property listings added to Trade Me Property by real estate agents and private sellers over the past three months.

First published 13 April 2018

JUNO does not contain financial advice as defined by the Financial Advisers Act 2008. Consult a suitably qualified financial adviser before making investment decisions. This story reflects the views of the contributor only. Content comes from sources that JUNO considers accurate, but we do not guarantee that the content is accurate. Charts are visually indicative only.