Average asking price reaches record $732,240 in Auckland
Auckland home sellers want more for their homes than ever before, In June, the average asking price for homes in Auckland reached an all-time record of $732,240 (Seasonally Adjusted). This represents a significant increase from the previous record of $685,426 set in April.
The record asking price in Auckland drove the national average asking price up to an all time record of $490,550. All but four of the country’s 19 regions recorded higher average asking prices compared to the same month last year. Wellington recorded an average asking price of $454,358, up from the month before, but not as high as the record set in March. The average asking price in Canterbury was $443,730, compared to the record of $449,000 set in January.
The number of homes newly listed for sale was the lowest on record for June of any year. The total of 8,524 new listings is 20% less than the month before, and 6.1% less than June 2013. Only Canterbury, Wellington, Northland, and Coromandel experienced an increase in listings from the same time last year, while four regions recorded their lowest number of monthly new listings on record: Bay of Plenty, Central North Island, Gisborne, and Central Lakes.
The low number of new listings brought the overall number of homes on the New Zealand market down to just 38,693, one of the six lowest monthly totals we’ve seen. However, buyer interest is still very much in evidence. We get more than 45,000 potential home buyers visiting the realestate.co.nz website every day. These are all people specifically looking at properties for sale or rent.
For Media Enquiries, please contact:
Paul McKenzie, National Marketing Manager, Realestate.co.nz | +64 21 618 537
*Site traffic based on Nielsen Market Intelligence, Mobile traffic increases based on Google Analytics June 2014
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 96% 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