Average property asking price jumps to over $900,000 but growth expected to flatten after summer

PHOTO: Realestate.co.nz October figures show the national average asking price for properties hit a record $933,135, up from $865,348 in September. Photo credit: Getty Images.

The average asking price for properties has jumped to over $900,000, new figures show.

NZ’s average asking price for home tops $933K | WATCH

After a slight fall to $865,348 in September, the national average asking price reached $933,135 in October, up 9.8 percent, realestate.co.nz says. It’s up from $900,671 in August, when record-low stock levels amid COVID-19 level 4 restrictions pushed the national asking price above $900,000 for the first time.

Releasing its October report on Monday, realestate.co.nz said 10 out of 19 regions showed record 14-year highs in average asking prices.

In Central Otago/Lakes, prices shot up 41.9 percent year-on-year to $1.423 million, making it the most expensive region to buy in the country. In October, it grew by $200,000, with lakeside properties pushing up the average asking price.

In the Central North Island, average asking prices were up 37.2 percent year-on-year to $794,975. In Wairarapa, prices were up 34 percent to $810,790, making it the third-highest region for house price growth.

In Auckland, prices were up 21.3 percent year-on-year, to $1.23 million.