Property asking prices highest in five years

Monday 2nd May 2011

The average asking price for New Zealand houses has risen to its highest level in four years, according to a recent report by Realestate.co.nz.

Data released today in the NZ Property Report showed that in April asking prices nationally hit a new high of $429,249, just topping the previous market high point recorded in October 2007.

The high average price was helped significantly by the Auckland region where prices nudged near to the highest levels ever recorded, topping $550,000 for the third time in the last six months.

Realestate.co.nz chief executive Alistair Helm said the high asking price - calculated on the truncated mean price for all homes for sale in New Zealand - suggested that while the national property market was still favouring buyers, the data showed that sellers were clearly feeling confident that prices were sustainable.

"There were 10,181 new listings brought to the market in April, which is down on last month, but for asking prices to remain at this level shows the market is active, but not desperate or excessively stressed."

Helm said that Auckland in particular was "humming", where recent higher levels of sales and slower numbers of new listings over the past month had reduced the regional inventory, and moved the market to start to favour sellers.

New listings in the Canterbury region were also holding up well, as the region continued its recovery efforts from the recent earthquakes, he said.

NZPA

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