Average house price rises more than $100k in a year

More housing markets around the country set new record asking prices in February than has ever been seen in one month, new Trade Me Property figures reveal.

The website’s price index put the national average asking price at an all-time high of $784,450 in February. That was an increase of $106,550, or 15.7 per cent, on February last year.

Trade Me Property sales director Gavin Lloyd said February marked the sixth month in a row that the average asking price had reached an all-time high.

‘‘February was another month of immense growth ... While homeowners will be pleased to hear property prices have climbed more than $100,000 in just one year, that house is now even further out of reach for first home buyers.’’

Nationally, demand was down 2 per cent year on year in February,

‘‘Demand continued to outstrip supply in February.’’ Gavin Lloyd Trade Me Property sales director

while supply was down 15 per cent, he said. ‘‘Despite both supply and demand showing a dropoff when compared with the same month last year, demand continued to outstrip supply in February, pushing prices up.’’

New record high average asking prices were set in every region of the country with the exception of Auckland and the West Coast. The largest percentage rises were seen in Gisborne, where prices were up 31 per cent to $550,850, and Manawatu¯ Whanganui, which recorded a 22 per cent increase to $508,850.

Average asking prices in the Wellington and Marlborough regions increased 17 per cent year on year to $793,700 and $634,500 respectively, while Northland had a standout month, breaking into the $700,000 bracket for the first time with an average asking price of $714,650.

The average asking price in the Auckland region increased by 8 per cent to $1,014,800 in February, as compared with February last year.

Lloyd said there had never been so many record highs in one month and it was a sign of just how hot the property market was.