The increase will help sellers feel more confident about listing their properties, sales director says
As New Zealand embraces the warmth of summer, Trade Me’s Property Price Index for November has revealed a slight increase in property prices across the nation, with the national average asking price hitting $864,650, a 0.5% rise compared to October.
Gavin Lloyd (pictured above), Trade Me Property sales director, expressed optimism about the continuous upward trend in property prices.
“After a month of positive increases across every region in October, it’s a good sign to see property prices are still trending up across the country – even if it’s just a minor change,” Lloyd said. “This will help sellers feel more confident about listing their properties this summer.”
Property prices across regions
Among the smaller regions, Gisborne led the way with a 3.5% month-on-month increase, pushing the average asking price to $627,700. Northland followed closely with a 2.3% jump, reaching an average asking price of $841,700, fuelled by a substantial 4.4% increase in Whangarei.
Christchurch stood out as the only major city experiencing a year-on-year increase, with the average asking price reaching $701,900 in November, up 0.2% from the previous month. Smaller dwellings with one to two bedrooms in Christchurch saw a 2.9% increase year on year, making them an attractive option for first-home buyers.
“Christchurch has emerged as a great option for first-home buyers, especially if they don’t need a big property,” Lloyd said. “It’s the most affordable option for Kiwi and prices have also been relatively stable when compared to Auckland and Wellington.”
The property market in Auckland experienced variations, with five-plus bedroom properties witnessing a 16.2% drop in average asking price to just more than $2.3 million. Across all property sizes in Auckland, there was an 8.4% decrease, bringing the average asking price to $1,213,750. In Wellington, the average asking price fell to $910,500, down 8.3% compared to the same period last year.
Surge in property supply
Property supply surged by 11% in November across New Zealand, with Wellington and Otago experiencing double-digit increases of 18% and 15%, respectively. Gisborne stood out with a significant 34% increase compared to October, showcasing renewed confidence among Kiwis to put their properties on the market.
“After the uncertainty of the election and a new government it’s clear that Kiwi now feel comfortable enough to put their properties on the market,” Lloyd said. “Another consideration is that sellers would want to get their properties onsite before the holiday period when we see a lot of people heading away.”
Nationwide, demand increased by 2% in November, with Gisborne leading with a 23% surge in listing views.
Demand on the rise
With increasing demand nationwide, properties are also selling at a faster pace compared to the previous year, with the median time for a property to be listed onsite falling to 51 days, six days less than November last year.
“When homes are selling quickly in New Zealand, it’s a great sign for the property market,” Lloyd said. “Fast sales mean there's a lot of interest and demand, which is good news for both sellers and buyers.”
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