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House prices show spring step

NZ NewswireNZ Newswire 9/11/2016

The average asking price of a home in New Zealand has reached a record high of $618,000, according to Trade Me figures.

Its Property Price Indexi shows the average asking price for a typical property lifted 2.9 per cent in October across the country, and in the last 30 days alone over $17,000 has been added to the average asking price of properties for sale in New Zealand.

"It's been a familiar story recently, with new price records being broken almost every month and over $46,000 added to sellers' expectations over the last year," said Nigel Jeffries, Head of Trade Me Property.

In Auckand, asking prices have risen risen 2.9 per cent since September, to a new high of $897,300.

Average asking prices soared for Auckland homes with five or more bedrooms, doubling what the asking price was in 2008, to a new record of $1.47m.

Units in Auckland had also doubled in price from 2009, with a $60,000 increase in average asking price over the past year, to $612,550.

"The unrelenting march of the Auckland property market over the last five years has seen average asking prices for a typical Auckland property explode from $515,600 in October 2011 to today's record peak of $897,300. That's more than $380,000 extra that buyers are being asked to cough up," Mr Jeffries said.

That $380,000 jump in Auckland is the same as the current median expected selling price in five regions around the country - Gisborne, Manawatu, Southland, Taranaki and the West Coast.

The Bay of Plenty, Canterbury, Marlborough, Nelson, Waikato and Wellington also hit record highs in asking prices, in what Mr Jeffries calls the "Auckland effect".

The two regions where asking prices didn't lift was Hawke's Bay and West Coast.

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