Property asking prices at new high

The national average asking price in October was $482,063, up from $466,526 the month before, itself a record. File photo / NZ Herald
The national average asking price in October was $482,063, up from $466,526 the month before, itself a record. File photo / NZ Herald

The average asking price for properties in New Zealand hit a new high last month and there was a healthy increase in new listings.

According to data released today by realestate.co.nz, the national average asking price in October was $482,063, up from $466,526 the month before, itself a record.

The organisation's acting chief executive Phillip Dunn said the rise was driven by "all main centres hitting an all-time high".

"Particularly notable is the increase by just over $16,000 in Auckland to make their new asking price a high of $666,126."

Hawke's Bay, Wellington and Canterbury all experienced significant increases in asking prices.

An average property in Hawke's Bay is selling for $375,209 while in Wellington and Canterbury buyers could expect to pay $465,050 and $441,908, respectively.

Listing numbers also soared, with an increase in every region except the West Coast. They increased by 27 per cent to almost 14,000.

The number of new listings in Auckland rose by 28 per cent and there was a 31 per cent increase in Canterbury.

"October brought the highest number of listings we've seen across the board since March 2010 and in Auckland this is the highest number of new listings we've seen in over five years," said Mr Dunn.

- APNZ

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on red akl_n3 at 31 Jul 2014 04:30:45 Processing Time: 691ms