Latest property update
The national average asking price of homes for sale continues to plateau, remaining just below record highs achieved three months ago. However, the average asking price for Auckland apartments in November reached a record high of $660,001 which is an increase of 31.5% compared to this time last year when the average asking price for apartments in Auckland breached $500,000. This increase for apartments is almost twice as much as the increase in asking price for Auckland houses (16.8%) we saw last year.
The asking price of apartments in Auckland increase strongly and steadily over the last 24 months reports says Brendon Skipper from unconditional.co.nz. This has driven the national average, which has now breached the $600,000 mark for the first time, only eight months after the national average asking price for apartments first broke the $500,000 barrier in March.
Auckland still dominates the market for apartments nationally, accounting for 71.9% of all national apartment listings. The number of new listings nationally show a 5.6% reduction from the same month last year. Auckland had 7.0% fewer listings this November compared to November 2014.