NZ's average asking price for home tops $933K | WATCH - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

PHOTO: NZ property market. TVNZ

Data from realestate.co.nz also shows 10 of New Zealand’s 19 regions also hit 14-year record-high asking prices last month.

Central Otago/Lakes District saw the largest average asking price increase in October – up 41.9 per cent – when compared to the same period last year. The average price is now $1,423,038 – an increase of about $200,000 since September.

But realeastate.co.nz said a handful of lakeside properties hitting the market may elevate that data.

Property NZ asking prices fall- realestate.co.nz

Meanwhile, other regions showing record high average asking prices include the Central North Island (up 37.2 per cent to $794,975), Wairarapa (up 34.0 per cent to $810,790), Hawke’s Bay (up 28.9 per cent to $843,306), Waikato (up 27.1 per cent to $865,592), Manawatu/Wanganui (up 26.5 per cent to $659,622), Wellington (up 24.0 per cent to $961,799), Bay of Plenty (up 21.4 per cent to $945,971), Auckland (up 21.3 per cent to $1,230,163), and Gisborne (up 11.0 per cent to $661,663).

And while no regions went backwards year-on-year in October, the West Coast is still the most affordable region to purchase a property.
A average price of a home in the area is $379,520 – up 20.0 per cent – when compared to the same period last year.

Realeastate.co.nz chief executive Sarah Wood on Monday told Breakfast there’s a range of reasons for the high prices, which have been tracking up for a while, with one being the huge amount of demand from Kiwis wanting to purchase property.