1 June 2012
Low inventory in Auckland and Canterbury has resulted in record high asking prices. Figures from a Realestate.co.nz property report for the month of May show the national record asking price hit a new high in of $435,887, improved by regional highs in Auckland ($578,533) and Canterbury ($383,504).
The month-on-month increase of 2.8% is the highest increase since September 2009, with the year-on-year increase in mean price being 4.5%.
This continues a strong period for New Zealand property which is benefiting from expected increased prices, as well as low inventory and interest rates.
Realestate.co.nz chief executive Alistair Helm said that high demand in Auckland and Christchurch had pushed prices up in these areas with the lowest level of inventory recorded in both locations for five years – 20.6 weeks for Auckland and 20.8 weeks for Canterbury
Despite this, an increase in new listings meant national inventory rose to 35.7 weeks in the month of May, down from 43.2 weeks supply a year ago.