Record asking prices for homes in Auckland suggest it's still a sellers market, with new listings declining.
The latest figures from property website realestate.co.nz show the average asking price for Auckland properties listed for sale on the website in June hit an all time high of $732,240, well ahead of the previous record of $685,426 set in April.
The record asking price in Auckland also helped drive the national average asking price up to an all time high of $490,550.
As well as facing higher asking prices, hopeful buyers will also likely have less to choose from, with just 8,524 homes being newly listed for sale on the website in June, 20% less than in May and 6.1% down on June last year.
"The high asking prices in Auckland in particular suggest that home sellers are confident they will get their price," Realestate.co.nz marketing manager Paul McKenzie said.
"A factor in this may be the low overall supply of homes."
Wellington's average asking price of $454,358 was up from last month but not as high as its record set in March.
In Canterbury the asking price was $443,730, compared with the record of $449,000 set in January.
Regional average asking prices in June and the percentage change since June 2013:
| Asking price | Annual change | |
| (average) | ||
| Northland | $474,738 | +17.2% |
| Auckland | $732,240 | +6.9% |
| Coromandel | $442,228 | -1.1% |
| Waikato | $387,827 | +3.7% |
| Bay of Plenty | $432,208 | +1.1% |
| Gisborne | $283,767 | -6.5% |
| Hawke's Bay | $331,299 | -12.4% |
| Central North Island | $344,451 | +0.3% |
| Taranaki | $322,389 | -1.7% |
| Manawatu/Wanganui | $272,250 | -7.8% |
| Wairarapa | $286,642 | +10.4% |
| Wellington | $454,388 | +0.1% |
| Nelson | $446,554 | +1.9% |
| Marlborough | $368,581 | -22.8% |
| Canterbury | $443,730 | +0.2% |
| West Coast | $274,135 | -0.6% |
| Otago | $282,183 | -5.2% |
| Southland | $235,915 | -2.1% |
| Central Otago/Lakes | $669,486 | +10.5% |
Housing inventory
Select chart tabs
10 Comments
Sales at B&T city auctions (10.30am-12.30pm) were a bit stronger this week. 56% sold under the hammer (9 out of 16). This is up from around 46-47% the last few weeks.
The room was just over half full and the bidding was painfully slow but the end result was still pretty good for vendors. Especially Greenlane - the Asian buyers seemed to love Greenlane!
I'm not sure but i think it was more about section size's:
e.g.
Remuera:
- 3A Upland Rd, Remuera - no bids (passed in) - cross lease site with 1/4 Share of 1987sqm
Greenlane:
- 3 Haronui Rd, Greenlane - sold for $1.1M (CV 630K) - 860sqm
However this Remuera property went really well:
- 42 Green Lane East, Remuera - sold for $1.31M (CV 620K) - 758sqm
Slow auctions but they still got some good numbers...
Auckland Top 25 Suburbs (on QV Average Value 1st July 2014)
1 Herne Bay - $1,852,100
2 St Marys Bay - $1,595,650
3 Remuera - $1,418,400
4 Stanley Point - $1,365,700
5 Epsom - $1,324,700
6 Campbells Bay - $1,279,350
7 Ponsonby - $1,273,150
8 Westmere - $1,266,450
9 Orakei - $1,240,950
10 Mission Bay - $1,219,900
11 Devonport - $1,186,900
12 Kohimarama - $1,178,550
13 St Heliers - $1,160,500
14 Omaha - $1,157,300
15 Takapuna - $1,155,600
16 Parnell - $1,136,450
17 Glendowie - $1,131,900
18 Castor Bay - $1,127,500
19 Mellons Bay - $1,091,000
20 Narrow Neck - $1,069,950
21 Dannemora - $1,015,200
22 Greenlane - $1,015,100
23 Mt Eden - $1,006,150
24 Pt Chev - $1,000,450
25 Milford - $980,800
We have been looking at buying in Tauranga region. As single income, first home buyers we are at the bottom of the rung, looking through some real dives in rough parts of town. Whats been suprising is the amount of auctions in that price bracket that have passed in. If a house is up for auction, we don't bother with it. So far, all the houses I've had on my radar that have gone to auction are back with 'price for neg' and then after a few weeks, on for a price.
The bottom end of the market here is dead in the water. This was the sentiment echoed by my bank manger who insisted it was dead, with all sales being CV, contrary to the dreams of every agent I've spoken to.
As large father said above, asking is not getting.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.