Strong house price expectations spread
Average asking prices for properties have hit the half a million dollar mark for the first time outside the three main cities, Trade Me says.
House prices outside the main cities grew 6.8 per cent in the last year to reach $502,950 in March, helped by solid growth in Hawkes Bay, Manawatu/Whanganui and Marlborough.
‘‘But almost all the regions have seen excellent growth in the last 12 months – and many hit record asking prices in March,’’ Trade Me Jobs head Nigel Jeffries said.
However, demand from buyers appeared to be cooling off after the average number of views on listings fell 1.6 per cent.
Over all of New Zealand, the average asking price rose to $636,650, up 0.3 per cent on March last year.
Auckland prices stalled for the second month, edging down 0.7 per cent on a year ago to $912,500.
In Wellington, prices powered up 1.7 per cent on February and 5.8 per cent on the previous March to $571,850, a new record.
Jeffries said it remained tough for first home buyers in the capital, who not only faced rising prices but also a 10 per cent decline in listings on year-ago levels.
‘‘Homeowners in the capital, on the other hand, will be pleased.
‘‘The Wellington property market has really taken off over the past five years, climbing nearly 40 per cent or $136,650 since 2008,’’ he added.
In the regions, the big performers included Hawke’s Bay, up 15 per cent annually to $519,950.
Manawatu/Whanganui also showed strong growth, climbing 14.4 per cent to a record $334,600 and Marlborough grew 14.1 per cent to a new high of $483,300.
Waikato reached a new high of $548,650, up 7.3 per cent on a year ago, while Taranaki reached $409,150, up 5.5 per cent.
Units were becoming increasingly popular, particularly for first-home buyers.
Outside Auckland unit prices climbed 4.7 per cent on last year to a record $331,050.
‘‘The Wellington property market has really taken off over the past five years.’’
Trade Me Jobs head Nigel Jeffries House asking prices have cracked the $500,000 mark outside the three main centres.