The average asking price of Auckland homes listed for sale on Realestate.co.nz surged to a new high of $789,581 in April, but it was a different story in most other parts of the country.
The property website said the average asking price for Auckland properties rose 3% in April compared to March and was the main driver behind the national average asking price also hitting a new record of $521,729, up 1.4% compared to March.
But asking prices either declined or rose at more modest levels in the rest of the country.
"In fact, most parts of New Zealand experienced either little change or decreases in price during the month," Realestate.co.nz said in its April market commentary.
"In Wellington the average asking priced dropped slightly by 1.4% to $455,611, while Canterbury also experienced a small decrease of 0.8% to $463,175.
"The biggest drops occurred in Central Otago where the average asking price in April fell by 17.3% to $604,729, while the average in Southland fell by 11% to $232,549."
Just as significantly, the number of new listings on the website was the lowest ever recorded for an April month, with 9673 homes being newly listed for sale, down 5.6% compared to April last year and a decline of 18% compared to March.
"The drop in listings coupled with the record low total inventory shows that sellers in many parts of New Zealand are experiencing very favourable conditions," Realestate.co.nz chief executive Brendon Skipper said.
"As a result, robust average asking prices continue to be maintained at record levels, and the market appears to be meeting them."
Housing inventory
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