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Real Estate Investar Blog

Property prices shoot up in the regions

Property prices outside New Zealand's main cities have risen in the latest figures for April.

The average asking price rose 6.4 per cent, hitting a new record of $505,650.

The figures are based on listings and asking prices on the Trade Me website.

Head of Trade Me Property Nigel Jeffries said there was a "significant shift" of interest in properties outside Auckland, Wellington and Christchurch.

"They're not going to catch Auckland by any means, but they are surging along as these regions become a more attractive work/life balance option, provide investment opportunities or long-haul commuter suburbs for parts of Auckland," Jeffries said.

"Buyers have more choice and we've seen demand cool off since earlier in the year, with the average number of views up just 0.8 per cent on last April.

"Buyers have had stiff competition out there in recent months, but these numbers indicate it will be a little easier for now, which we expect in winter."

In Auckland, the average asking price stablised after two consecutive months of stalling, lifting 1.9 per cent on March to $930,150. Prices have risen 0.5 per cent in the last year.

Red-hot Wellington cooled slightly in April, edging down 0.1 per cent on March to $571,400, but prices remained 5.4 per cent higher than last April.

Large houses (five-plus bedrooms) and small houses (1-2 bedrooms) had seen solid double-digit growth in the capital over the last year, climbing 19.3 per cent to $984,650 and 15.4 per cent to $479,350 respectively.

Topics: Values / Prices

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