PHOTO: Trade Me Property
- The national average asking price has reached yet another record after seeing its biggest year-on-year increase of all-time in May, increasing by 17 per cent to $820,950
- Every region saw an annual increase in average asking price, with nine regions reaching a new record
- Nationwide, views on properties for sale were up by 2 per cent in May when compared with the month prior, while supply was down by 3 per cent
Trade Me Property Sales Director Gavin Lloyd said May usually sees the property market begin to cool off ahead of the looming winter months, but that didn’t seem to be the case this year. “New Zealand house prices continued their record-breaking streak, hitting an all-time high for the ninth consecutive month in May.”
Increased demand paired with less properties on the market were behind the blanket price increases. “Nationwide, views on properties for sale were up by 2 per cent in May when compared with the month prior, while supply was down by 3 per cent.
“Our May data tells us that we are still very much in a sellers market and unfortunately for buyers unless we see an increase in stock or demand begin to ease off, the winter months look like they will be red hot for the property market.
“There’s been a lot of comment around the new phenomenon of FOOP (fear of overpaying), while that may be real for some, our data is showing buyers are still very keen to get on the ladder and they’re willing to pay big bucks.
READ THE FULL REPORT HERE: Trade Me media release – House prices grow by a record-breaking 17 per cent in one year