Asking prices bounce back
The average asking price for online-listed homes in every region, bar one, has risen.
Trade Me’s property price index shows Southland, Hawke’s Bay and Wanganui saw the most year-on-year growth, with prices sitting 12 per cent higher last month, compared with November 2016.
Prices for Wellington homes listed on Trade Me increased almost 11 per cent in the past year. The average asking price for a home in the capital is now $563,850.
Homes with five bedrooms or more were a favourite in the Wellington market, too. The price for a large family home there is now nearing $1 million.
Auckland prices rose 3 per cent to $938,800, driving the national average down to 2.3 per cent growth.
Gisborne was the only region that did not see a lift in pricing for property. Its average asking price dropped 8 per cent in the year.
The new figures come after the average asking prices of homes on Trade Me dropped to the lowest in the past two years in August, one month before the general election.
Head of Trade Me Property Nigel Jeffries said the data signalled that the property market had finally bounced back after the election.
Until now, it had been an ‘‘unusually slow five months’’ for property purchases. However, a supply and demand imbalance remained, he said.
The average number of views on Trade Me-listed homes jumped 15 per cent in the past year. The number of homes listed on the website has dropped almost 8 per cent.
‘‘It’s a clear indication that demand is outstripping the number of available properties.’’