Housing shakes off election jitters
The property market is showing signs of stronger demand after a quiet start to spring, according to the Trade Me Property price index.
The general election appeared to have compounded the effects of the normal winter market slowdown, with the average asking price stalling in September.
In October, the national average asking price rose 0.9 per cent on a year earlier, to $623,700.
Compared with September, the national price was up 2.7 per cent.
‘‘Usually by this time of year we expect to see the property market in full swing,’’ Trade Me Property head Nigel Jeffries said.
‘‘It’s still too early to say if our new Labour-led Government has had any impact on property prices, but we are seeing signs that the market is starting to revive from those election jitters.’’
The election was held in late September, but coalition negotiations continued well into October.
There were 30 per cent more listings in October than a month earlier, Jeffries said.
Auckland’s average asking price rose 2.2 per cent on the previous year to $916,900.
‘‘We estimate that Auckland’s [market] is approximately 35,000 homes short at the moment and that’s only going to increase unless the Government’s ambitious building plans are realised,’’ he said.
In the Wellington region, the average asking price rose 11.7 per cent on last year to a new high of $548,500.
The average asking price outside Auckland reached a new record in October of $490,900, up 6 per cent on last year.
The region with the biggest asking-price rise for the year was Hawke’s Bay, up 17.1 per cent.
In the South Island, Marlborough saw the highest annual rise of 12.5 per cent, to a record average asking price of $464,650. –Stuff