Manawatu Property Investors' Association

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Asking prices hit new high in October


Property asking prices hit their highest level since 2007 in October at $434,161, according to the latest NZ Property Report.
Asking prices climbed across the country in all but two regions, with Auckland also hitting a new high of $568,778.
"The property market continues to show signs of confidence and heightened activity as compared to the past few years," said the report.
"The confidence amongst sellers bringing their properties onto the market has pushed up the truncated mean asking price to a new high of $434,161 – the highest level since the collection of data began in 2007."
October's asking price was 2% up on September and 3% above the August figure.
Across 19 regions all but two saw an increase in the asking price, with prices falling 11% in the central/Otago Queenstown Lakes region and off 3.5% in the central North Island.
In Auckland the asking price rose 2% from September while the number of new listings climbed 4% to 3,796.
In the capital the asking price was 3% up on September at $439,369 while new listings were up 6% at 946.
However, the number of new listings nationwide was down a seasonally adjusted 11%, "which indicates that there is still some hesitation within property owners to bring their property onto the market."