Price records broken again

The national average asking price for a house on Trade Me hit

$800,000 for the first time in March.

Trade Me Property sales director Gavin Lloyd said there was a

16 per cent annual increase in asking price, to an average

$805,100.

The biggest asking price jump was in Manawatu-Whanganui, where the average increased 23.7 per cent. This was followed by Marlborough with a 20.4 per cent increase.

‘‘March marked the seventh record-breaking month in a row for New Zealand’s average asking price, and house prices are showing no sign of slowing any time soon,’’ he said.

‘‘While this will be music to the ears of homeowners, no doubt it’s hard to hear for prospective buyers who have been hit with relentless price increases for months.’’

Price increases were seen across the board, with every region seeing a year-on-year increase in the average asking price. ‘‘New records were set in every region except for NelsonTasman, West Coast, Otago and Northland,’’ Lloyd said.

Nationwide, demand – measured in terms of website traffic – was up 26 per cent yearon-year, while supply was down 9 per cent. ‘‘As we have seen consistently over the past few months, demand outweighed supply in March, putting pressure on the market and resulting in ongoing price increases.’’

In Wellington, the average asking price was up 20 per cent compared to the same month a year earlier, at an average $829,500. ‘‘This is the biggest yearon-year increase on record for the region, and marks the first time Wellington’s average asking price has cracked $800,000,’’ Lloyd said.

‘‘Every district apart from Carterton saw house prices hit a new high in March, with Wellington city coming in as the most expensive district in the region, with a record average asking price of $912,400.

‘‘Supply has been an ongoing problem for the Wellington property market, and in March we saw the number of properties listed for sale drop by 9 per cent when compared with the same month in

2020.

‘‘Demand, on the other hand, increased in March, with listing views on properties for sale up by

21 per cent year-on-year. ‘‘Until supply begins to match demand, or demand for property cools, prices will continue to rise in Wellington. To put it simply, if houses don’t start being built and put on to the market, house prices in Wellington are only going one way – up.’’

Lloyd said the most popular property in the country last month was a three-bedroom house on Mairangi Rd in Wadestown, Wellington. ‘‘It had an asking price of $900,000 and was watchlisted 406 times in its first two days on-site.’’

Auckland house prices rose 10 per cent year-on-year. Waiheke had the highest average asking price, at $1.647 million. The average for the region was $1.047 million, up 10 per cent year-onyear.

Lloyd said demand in the region was up 21 per cent in March when compared to the year prior, while supply was up 7 per cent.

‘‘The most popular property listing in the Auckland region last month was a three-bedroom house in Mt Wellington listed for $900,000. It received 386 watchlists in its first 48 hours on-site.’’