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Real Estate Investar Blog

Average asking price for Auckland apartments cracks $500,000

construction_developmentThe average asking price for apartments and units in Auckland has crossed the half-million dollar mark, according to Trade Me Property figures.

Trade Me's Property Price Index for May shows the door is continuing to close on buyers trying to get their foot on the property ladder with less than $500,000 to spend.

Trade Me property boss Nigel Jeffries said Auckland continued to surge and was yet to show signs of slowing down.

While first-home buyers had been looking at apartments and units as an option, they were now going to find it "increasingly difficult".

Over the last year the average asking price for  Auckland apartments has soared by $114,050 to a record high of $504,500.

Five years ago, sellers were asking for just $316,000.

Units in the country's biggest city have seen similar growth, with average asking prices of $509,250 in May compared to $318,100 five years ago.

Despite the increases, more modest living options are still significantly cheaper than stand-alone houses.

The average asking price for houses has climbed over $100,000 in the past 12 months, and is now just shy of $750,000.

One to two bedroom homes in Auckland are now priced higher than the average for all homes across the country.

The national average asking price fell slightly in May, to $535,250.

Twelve regions saw average asking prices increase, while three saw declines.

Canterbury set a new record average asking price of $469,600, up 12 per cent year-on-year, while Taranaki and Southland also showed strong growth.

At the other end of the spectrum, Hawke's Bay was down 3.1 per cent on a year ago, and Otago was also down slightly.

The Property Price Index analyses new listings for sale over the past three months.


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