Corazon Miller is a NZ Herald reporter

Price of a large family home in Auckland more than doubles within the decade

Big families in Auckland are among those being asked to fork out almost $1.5m for a new home as the price of a five-bedroom property has more than doubled within the last decade.
Big families in Auckland are among those being asked to fork out almost $1.5m for a new home as the price of a five-bedroom property has more than doubled within the last decade.

Big families in Auckland are among those being asked to fork out almost $1.5m for a new home as the price of a five-bedroom property has more than doubled within the last decade.

A big house in the City of Sails, with five or more bedrooms, would cost more than double the average asking price than it would have eight years ago - a record breaking figure of $1.45m.

These figures released by Trade Me showed this was more than twice the asking price of just under $700,000 in 2008.

Head of Trade Me Property, Nigel Jeffries said in the last 12 months the average asking price of a 5-bedroom property had sky-rocketed by almost $230,000, up 18.7 per cent in the past 12 months alone.

For singletons, couples, or retirees looking to downsize, the price of a small unit in Auckland had also soared within the last decade - to $612,550, almost double the average asking price of $304,600 in 2009.

Across all properties, average asking prices in Auckland had also risen to a new high of $897,300, up 2.9 per cent in October, or 13.2 per cent, $104,850 in the last 12 months.

While prices continued to rise, Harcourts' latest analysis of the Auckland market showed it sold 499, of the 742 properties listed in October, for an average sale price of $919,966 - down 4.7 per cent from the previous month.

However, this was up 2.2 per cent on the 488 sold in October 2015.

The real estate company said this indicated the market remained strong, but was not moving ahead with the force and speed of 12 months ago.

Harcourts CEO Chris Kennedy said there was good choice in the market for those looking to buy.

"Houses at the higher end of the spectrum continue to achieve very good prices, driving up the average, however, there has been a flattening at the mid to lower end.

He said sellers needed to be more discerning about the ways in which they marketed and presented their properties to buyers.

The Trade Me figures showed nationwide average asking prices were also continuing to rise, up 2.9 per cent, or more than $17,000 last month - to a new high of $618,000.

This was up 8.1 per cent, or more than $46,000 compared to the same period last year.

Jeffries said after a bit of a sluggish winter the market had "spluttered back to life" in time for Spring.

"It's been a familiar story recently, with new price records being broken almost every month and over $46,000 dollars has been added to sellers' expectations over the last year."

According to Trade Me six regions around the country hit record highs in October -a fact Jeffries attributed to the "Auckland effect".

He said the term was used to describe the effect the city's growing property market had on the regions.

"The ripples from the Auckland effect saw six regions feeling the direct result."

Figures showed the Waikato experienced the biggest leap, with an average asking price of $485,600, up four per cent, in the last month, or 25 per cent in the past year - a total of almost $100,000 in the last year.

Across the last five years, this figure was up 38.7 per cent, from around $350,000 in 2011.

New highs in average asking price were also recorded in the Bay of Plenty, Canterbury, Marlborough, Nelson and Wellington, with the Trade Me figures showing all but two regions saw a lift average asking price over the last month.

"The Hawke's Bay and the West Coast struggled this month, dipping 6 per cent and 11 per cent respectively when compared to the previous year," Jeffries said.

"Meanwhile, the rest of the country saw pretty strong activity, driving an overall increase of eight per cent year-on-year."

The figures

Average asking prices around the country

Big family home in Auckland [5+bedrooms]: $1.45m
Auckland unit $612,550

Auckland $897,300
Wellington $491,100
Christchurch $477,800
Across the country $618,000

- NZ Herald

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