What is happening in the Auckland market?
Realestate.co.nz just revealed the latest average national asking price for homes peaked to $511,421 last month, up from $498,471 in January. The Auckland market continues to show growth, ranking No 1 again nationally for the highest average asking price of $764,000.
Property commentator Olly Newland said he was surprised at the pace of the latest property surge. "It makes me wonder where it's going to end," he said. For first-home owners looking to break into the Auckland market, it is getting harder for them to break into the Auckland market.
The latest QV statistics highlight over the past three months; Manukau North-West values rose 4.9%; Manukau East was up 4.7% and Manukau Central was up 4.0% over the same period.
The new build market in NZ is in high demand, particularly amongst first home buyers, as the LVR requirement for a 20% deposit does not apply to “turn key” home and land packages - making it easier to secure finance.
The listings shortage has eased slightly as more homes have come onto the market during February, however sales and mortgage approvals are up since January.
The banks are being very competitive with their interest rates which adds fuel to the heated property market. For the latest in mortgage rates across the board, click here