PHOTO: NZ property market
Kiwis have opened up about their struggle to buy a home in New Zealand as new data shows demand is soaring, especially in Wellington.
Trade Me data released on Friday shows demand for properties in the capital saw the largest annual percentage increase on record in August, after climbing 34 per cent year-on-year.
Trade Me Property spokesperson Aaron Clancy says increasing demand is driving prices up.
“Growing demand in the Wellington region is putting pressure on prices. In August, we saw the average asking price in the Wellington region climb 9 percent year-on-year to $689,500.”
But Wellington isn’t the only region experiencing increased demand and prices. National house prices climbed by 9 percent in August to $701,750.
“Nationally, demand for properties for sale was up by 19 percent in August when compared with last year, with all regions seeing year-on-year increases.”
Clancy said this is the second month where national asking prices have increased significantly. The last time there was such a large increase was in 2017.
A lack of supply is also contributing, with national market supply dropping 3 percent year-on-year.
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