Auckland asking price hits new record

By Josh Martin

The average asking price for Auckland homes is now up to $611,864. Photo / NZH
The average asking price for Auckland homes is now up to $611,864. Photo / NZH

Auckland property sellers are making the most of demand for houses in the city, with the average asking price hitting a new record.

The latest NZ Property Report from realestate.co.nz shows the average asking price for the region's homes of $611,864 - up nine per cent from this time last year.

This vendor confidence and lack of supply also drove the national average asking price to a new high of $445,529, the report said.

Canterbury sellers also contributed to this, with an average house asking price of $414,070, surging 13 per cent beyond the asking price for the same month a year ago.

Paul McKenzie, marketing manager for realestate.co.nz, said it was the first time since records began that the asking price had topped $600,000 in Auckland and $400,000 in Christchurch.

"As the two largest property markets in New Zealand, it is notable to see the price cross this psychological threshold in Auckland and Canterbury. Clearly this reflects high seller confidence that exists in these markets," said McKenzie.

He said the 14 per cent rise in newly-listed housing stock nationally also reinforced the idea that, for now, it is a sellers' market.

Home buyers looking for a reprieve will have to head out of the main centres. Southland, for example, had the lowest average asking price of $248,977.

The only regions to see a drop in the average asking price from September were the West Coast (down 6.8 per cent to $285,657), Taranaki (down 4.6 per cent to $286,297), Hawkes Bay (down 2.1 per cent to $348,344) and Nelson (down 1.3 per cent to $449,858).

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on red akl_a1 at 02 Sep 2014 21:50:10 Processing Time: 594ms