‘Eye-popping’ North house price rises
Cara Rufus-Ellis has watched anxiously as house prices soared over recent years.
She and her family moved to Northland from Australia four years ago.
They would like to be able to buy a home but the heat in the market shocked her.
‘‘I wouldn’t have been surprised if it was in Auckland but I never would have thought Whangarei would get as high as it is.’’
Rufus-Ellis recently started her own business and her husband receives a student allowance, so money is tight.
Now, she’s hoping that signs Auckland’s property prices are cooling might spread further afield.
Trade Me’s Property Price Index shows the average asking price in New Zealand’s biggest city dipped to $895,000 in January, the second consecutive monthly decrease.
Head of Trade Me Property Nigel Jeffries said Auckland’s average asking price dropped 1.5 per cent in January, and it was the first back-to- back monthly decrease since June 2012.
But buyers in other parts of the country are not in luck yet.
‘‘The Waikato region smashed its own record average asking price this month, hitting $511,750. That’s a staggering increase of more than $100,000 in the past 12 months.’’
The average asking price in Waikato has soared by 43 per cent since January 2012. Northland’s average is up 20.9 per cent.
For the whole of New Zealand, excluding Auckland, the average asking price was up 0.2 per cent to $475,700 since December.
Jeffries said, outside Auckland, the NZ property market remained extremely strong and the average asking price around the country was up 11.4 per cent over the last year, amounting to a $48,500 increase since January 2016.
Six powerhouse regions reported strong double-digit increases in average asking price: Northland, Waikato, Bay of Plenty, Nelson, Wellington and Otago.
Jeffries said the dollar increases for each of these regions were ‘‘eye-popping’’.
‘‘When you look at the jumps around the country you can understand the Kiwi preoccupation with investing in property - the increase in expectations over just 12 months has been incredible.’’
Auckland prices may be cooling.