National average asking price reaches record high of $497,840
November saw a 1.9% increase over the previous month in the national average asking price of homes for sale, reaching an all-time high of $497,840. In addition, the number of new property listings remains high with 13,512 new listings in November, a 2% lift on the same month last year. The November property data was released today by Realestate.co.nz, the website with New Zealand’s largest number of homes for sale.
“The New Zealand property market continues to be robust, with a very healthy number of new listings heading into summer. The new all-time high in the average asking price reflects the confidence of vendors across the country, rather than one particular region,” says Marketing Manager for Realestate.co.nz, Paul McKenzie.
The asking price of homes for sale rose in nine out of 19 regions across the country, with no one single region reaching an all-time high in its own right. However, some parts of New Zealand experienced significant jumps which contributed to the new all-time national high. In particular, the Central Otago/Lakes district saw a 12% surge in asking price from the previous month, reaching $747,781. The Waikato experienced an 8.2% increase, rising from $361,512 to $391,137. Other regions which saw big jumps in asking price in November included the Wairarapa (5.9%), Northland (5.4%) and Taranaki (5.1%).
The average asking price in Auckland also climbed in November by 4.9% back to near record levels, reaching $731,588, while Wellington and Canterbury stayed at the same high levels achieved in the preceding months, experiencing average asking prices of $463,925 and $454,305 respectively.
The number of new listings in November is higher than the same time last year. In particular, Canterbury saw a significant jump of 16.8% from November last year, with 1,829 new listings of homes for sale. New listings in Wellington also climbed significantly by 10.1% to 1,222. Other regions which experienced big jumps in new listings included Manawatu/Wanganui (20%), Southland (19.7%), Central Otago/Lakes (13.6%) and the Waikato (4.9%).
For Media Enquiries, please contact:
Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537
Truncated mean The monthly asking price for new listings presented in this report utilises the measure of ‘truncated mean’. This measure is judged to be a more accurate measure of the market price than average price as it statistically removes the extremes that exist within any property market that can so easily introduce a skew to traditional average price figures. The truncated mean used in this report removes the upper 10% and the lower 10% of listings in each data set.
Methodology The realestate.co.nz data is compiled from new listings coming onto the market from the more than 1,000 licensed real estate offices across NZ, representing more than 97% of all offices. With an average monthly level of over 11,000 new listings, the realestate.co.nz data provides the largest monthly sample on the residential property market.
Seasonally adjustment The core data is seasonally adjusted to better represent the core underlying trend of the property market in NZ. In preparing this seasonally adjusted data Realestate.co.nz is grateful for the assistance of the New Zealand Institute of Economic Research (NZIER) who use an X12 ARIMA methodology to calculate seasonally adjusted data.
Background to Realestate.co.nz Realestate.co.nz Ltd is the official online property listing company of the New Zealand real estate industry, currently hosting over 100,000 listings, covering this portfolio of residential property for sale and rent, commercial property for sale and lease, rural properties and farms, as well as businesses for sale. The raw property report data is accessible here as an Excel spreadsheet enabling anyone to analyse the raw data and establish any trends or observations. Usage rights are governed under attribution to the source of the data being Realestate.co.nz.
By Paul McKenzie, Marketing Manager, Realestate.co.nz