Trade Me Property spokesman Logan Mudge put the increases down to simple supply and demand. “Similar to what we have seen in previous months, buyer demand was sky-high in November and the number of properties for sale didn’t keep up. Demand nationally was 21 per cent higher year on year, while supply was down by 5 per cent. Mudge said house prices had continued to go from strength to strength, despite post-lockdown predictions they would slow due to economic uncertainty. In Auckland, demand was up 25 per cent on last year, even though supply was also up 10 per cent. Central city properties were the most expensive, with an average price tag of $1,232,650.
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House prices in the Wellington region hit an all-time high for the third consecutive month in November with every district in the region also breaking records. The average asking price in the Wellington region reached $761,300 in November – up 12 per cent year-on-year – according to the Trade Me Property Price Index.
“The average asking price in Wellington City reached a new high of $864,000, up 9 per cent on the year prior.” Mr Mudge said this made it the most expensive district in the region, followed by Porirua (up 7.6 per cent to $804,300) and Lower Hutt (up 23 per cent to $741,750),” said Trade Me Property spokesperson Logan Mudge.
Press Release – Trade Me Property New Zealands property market is finishing off the year with a bang, with the national average asking price reaching an all-time high in November, according to the latest Trade Me Property Price Index. Trade Me Property spokesperson Logan Mudge …
New Zealand’s property market is finishing off the year with a bang, with the national average asking price reaching an all-time high in November, according to the latest Trade Me Property Price Index.
Trade Me Property spokesperson Logan Mudge said the national average asking price rose 12.5 per cent year-on-year in November to reach $762,700. “As the weather heats up, we’re continuing to see house prices around the country head north, with November marking the third record-breaking month in a row.”