Auckland sees big gains
New Zealand’s housing market is showing signs of recovery, with the October Trade Me Property Price Index revealing a national average asking price of $848,900.
This marks a 3.1% increase from September, the strongest monthly growth in nearly three years, though prices remain 1.4% lower year on year.
“It’s positive to see property prices continue to trend up across much of the country off the back of recent changes to the OCR and as we head into summer,” said Trade Me Property Customer Director Gavin Lloyd (pictured above). “These latest figures should give those selling a property or looking to list their home a little extra confidence.”
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Auckland rejoins the million-dollar club
Auckland’s property market made a notable comeback in October, with the average asking price rising 4.2% to $1,038,550. This is the first time since August that property prices have crossed the $1 million mark, after a four-year low.
Auckland City and North Shore City contributed significantly to this growth, with asking prices increasing by 7.8% and 5.1%, reaching $1,217,300 and $1,235,300 respectively.
“We’ve now had two straight months of increasing prices for Tāmaki Makaurau, which will be reassuring to those selling after a period of declines,” Lloyd said.
Faster sales reflect growing demand
With demand heating up, properties are selling faster. The median time on the market dropped to 59 days in October, down from 70 in September and close to the 56-day median recorded in October 2023.
“Homes selling quicker is a good sign for our property market, particularly when it coincides with increasing demand,” said Lloyd.
Regional growth widespread
Fourteen of the 15 regions monitored by Trade Me Property saw price increases in October.
Leading the growth were the West Coast (+6.3%), Southland (+4.6%), and Northland (+3.1%).
Gisborne was the sole exception, with its average asking price falling 1.8% to $603,650, marking the fifth consecutive month of declines, Trade Me Property reported.
Visit me Trade Me Property for the October Property Price Index report.
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