Regional New Zealand dominates the spring property market

PHOTO: realestate.co.nz

Record asking price highs in five lifestyle regions – Gisborne, Bay of Plenty, Nelson & Bays, Manawatu/Wanganui and Northland, while Wellington is the only mover among the five big regions. New listings are comparable to May 2019 levels, while property seekers remain active.

Regional New Zealand dominated the property market in the first official month of spring, says realestate.co.nz spokesperson Vanessa Taylor.

In September, five provincial regions registered record average asking price highs in realestate.co.nz’s 12-year databank.

“These provincial regions have gone some way to compensate for the more subdued main regions,” says Vanessa.

Of the five main regions (Auckland, Wellington, Canterbury, Otago and Waikato), only the Wellington region recorded an increase over 1.0% in average asking prices.

Underpinned by regional New Zealand, the national average asking price lifted by 1.2% to $685,746 when compared to the previous month, says Vanessa.

Kiwibank General Manager, Borrowing and Investments, Chris Greig says the level of activity in the regions has increased approximately 10.0% for Kiwibank in comparison to the same time last year whilst applications for new lending in the major centres is static.

“The last quarter, however, has seen a decrease in the amount of first home buyers taking out new lending,” he says.