All fingers are pointing to seasonality being in full swing – particularly in the regions. In a turn-up for the books, asking prices in Auckland remained at a standstill during January, while nine out of 19 regions in New Zealand recorded an all-time asking price high. The bottom line being that if you’re considering listing your property, this could be the ideal time to list and make the most of this market swing.
Find out more about the current trends in the NZ property market by downloading our eBook “How to get ready to sell your house”.
Average asking price spikes
Spikes in the average asking price were recorded in several regions in January, most markedly Central Otago/Lakes, where the 17.6 per cent increase saw the average asking price climb to $888,567.
Real-time market statistics from realestate.co.nz show that Central Otago/Lakes recorded the biggest average asking price increase, followed by Central North Island at 12 per cent ($413,392), Hawkes Bay at 10.8 per cent ($413,405) and Bay of Plenty at 9.8 per cent ($592,479).
As always Wellington is an interesting market to keep an eye on - in January the Wellington region showed an all-time high rise in asking price at 5.6 per cent ($556,807). Keep in mind though, that it’s looking light in terms of listings - with only six weeks’ worth of inventory, compared to 16 weeks in Auckland.
Other regions on the price rise include Taranaki at 4.8 per cent ($387,594); Manawatu/Wanganui up 4.7 per cent ($310,437); Otago up 4.6 per cent ($358,897) and Coromandel up 2.3 per cent ($700,352).
The national average asking price climbed just 1.1 per cent last month, adding to the current all-time high of $624,709, and recent statistics indicate that this trend is still growing.
This early in the year it’s too soon to predict whether this upward spike will be a trend for 2017.
Auckland outlook
For Auckland it’s too early to say whether asking prices have been affected by the traditional seasonality, as the asking price remained quite static in January. In saying that new listings are up 5.5 per cent compared to January 2016 and there’s been another drop in demand, down 25.39 per cent, giving buyers much more choice. The average asking price in Auckland in January was $943,002 compared with the previous month at $949,898.
Inventory
- Auckland is sitting at 16 weeks
- Taranaki is sitting at 17 weeks
- Manawatu/Wanganui is sitting at 13 weeks
- Otago at 11 weeks
- Coromandel at 35 weeks.
Remember: Inventory provides a measure of the rate of turnover in the market, by calculating how long it would take for current property stock to sell out if no new properties were to be listed after today.
Regions that reached an all-time high in average asking price in January 2017
- Central Otago/Lakes +17.6% ($888,567)
- Central North Island +12.0% ($413,392)
- Hawkes Bay +10.8% ($413,405)
- Bay of Plenty +9.8% ($592,479)
- Wellington +5.6% per cent ($556,807)
- Taranaki +4.8% ($387,594)
- Manawatu/Wanganui +4.7% ($310,437)
- Otago +4.6% ($358,897)
- Coromandel +2.3% ($700,352)
Find out more about the current trends in the NZ property market by downloading our eBook “How to get ready to sell your house”.
