Trade Me - Auckland growth spurt easing

Trade Me - Auckland growth spurt easing

What we’ve seen this month

Auckland’s massive growth spurt is continuing but we’re certainly seeing signs of easing. The major goings on in Auckland are:
• The average asking price has reached a whopping $800,000. It jumped from $700-800k in just 10 months – that’s huge considering it took nearly a year and a half to go from $600-700k and more than two years from $500-600k
• Average asking prices are up 17% on last year but we’re seeing it tai l off from the massive increases in June (20%)
• The average asking price for an Auckland apartment has topped $600,000 up 39.6% on last year. In the last 5 years apartments have been increasing at $5000 a month on average

Around the country property prices are doing really well:
• The Bay of Plenty is New Zealand’s second most expensive region behind Auckland with average asking prices now sitting at $492,100
• Excluding Auckland the average asking price of NZ property has jumped from $350k to over $429k in the last 5 years an amazing level of growth when you stop using Auckland as a yardstick.
• Every region except Gisborne and Taranaki saw positive growth in average asking price

The guts: The Trade Me Property Price Index measures trends in asking prices for residential property listings added to Trade Me Property by real estate agents and private sellers. Its point of difference is that it looks at the start of the selling process (i.e. asking price) and insights into price trends by both type of property (e.g. apartments, townhouses, houses), as well as by house size. There are national numbers, and also data by region.

Interviews: Head of Trade Me Property Nigel Jeffries is available on and off today for interviews. Please flick me an email to tee this up and he will give you a call.

Regional data: If you are after information for a particular region/city, get in touch and we’ll see what we can dig up. We can also provide the graphs and tables in the release in different formats.

Online: You can see the online version of this release over on Trade Me: http://www.trademe.co.nz/property/price-index/for-sale/

http://img.scoop.co.nz/media/pdfs/1512/TMP_Price_Index_Nov_2015___Auckland_growth_spurt_easing.pdf

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