Teuila Fuatai

Teuila Fuatai is a reporter for the NZ Herald

NZ property: Sellers still have upper hand

Photo / Greg Bowker
Photo / Greg Bowker

Kiwis keen to sell off their homes continue to hold the upper hand in New Zealand's property market, despite a slight ease in the national asking price during November.

According to the monthly Realestate.co.nz property report, released today, the average asking price for November across New Zealand was $463,142.

While this was a slight dip from the price in October, it was still the second highest average in history, and 7 per cent higher than the same month last year, Realestate.co.nz said.

Big falls in asking prices in the Coromandel and Hawkes Bay, and smaller decreases in Auckland, Wellington and Canterbury contributed to the ease in the national price.

However, Realestate.co.nz said increases in asking prices across much of the country offset lower figures in these areas.

In Waikato, the November average asking price hit a new record high with $389,886 - 2.7 per cent higher than the previous month, data showed.

"Asking prices have remained high with most of the country at or near the record asking prices seen last month,'' Realestate.co.nz acting chief executive Phillip Dunn.

With trends in November continuing on par with activity across the year, New Zealand's property market was "firmly pointed in favour of sellers'' across the country for the beginning of the festive season, Realestate.co.nz said.

Other figures showed the number of homes for sale recovered slightly during the month, while the number of new listings entering the market dropped.

Mr Dunn said because October was a particularly strong month, the drop in the new listings for November was not surprising.

However, comparison to previous years showed November normally had higher listings compared with October.

"We expect to see a further drop in listings during the traditional seasonal lull over the upcoming December-January 13/14 period,'' Mr Dunn said.

"History shows listing numbers will begin to increase again come late January/early February.''

Meanwhile, another property report focusing solely on the upper North Island showed the average house price in the region has hit another all-time high.

The Harcourts northern region market report also released today, stated the average house price across Auckland, Whangarei and Kaitaia was sitting at $659,835.

Harcourts said the region's property market had recovered from a "slight pause'' in October when the loan-to-value restrictions were introduced.

"Investors are returning to the market and are picking up any gaps possibly left by some first home buyers,'' Harcourts said.

- APNZ

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