Home sellers in Auckland are celebrating the new record high average asking price of $750,023, which has assisted by the inventory (the time it would take to sell all the housing stock on the market) which dropped to a record low of just nine weeks. With a 2.4% jump on the previously high asking price of $732,240 in June last year, sellers are enjoying cashing in their properties for a higher price tag.
Unfortunately sellers have yet to realise that while they are achieving record highs in their property sales, they are also buying in the same market and will need to fork out more cash to secure the property of their dreams, along with other buyers on the market.
House Prices Rise New Zealand Wide
It is not only within Auckland where property buyers and sellers face high property prices. January saw the new high record asking price for a home within New Zealand rise to $498,471, up from $497,840 the previous high set in November last year. However the main centres of Wellington and Canterbury saw a slight lowering of their average asking prices to $463,241 and $446,919 respectively.
Property Listings Rise Nationwide
January is traditionally a busy month for owners listing their properties on the market, but last month was exceptionally busy says Realestate.co.nz Chief Executive Brendon Skipper. Up 2.9% compared with January 2014, new listings reached 9,536 which was also a 15% rise compared to December 2014.
Mr Skipper said, “This bodes well for the first quarter as February and March are usually some of the busiest months of the year for new listings.” Therefore buyers will be spoilt for choice, but unlikely to purchase cheap property bargains as demand still remains high and sellers unwilling to discount their property purchase prices.
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