Latest market update - January

The market over the December period in Auckland asking prices levelled off, but continued to remain near record-high levels. In Auckland, the average asking price was $848,195, marginally below the record set in September of $851,531.

The total number of new listings across the country in December was down 3.3% compared to December 2014 and Auckland down 6.6%.

National inventory (the average time it takes for a home to sell) continues to remain near record low levels. The long-term national average is 34 weeks and in Auckland, the average time is 13 weeks.

The areas in Auckland that saw the highest growth in Auckland were Glendene, values rising32.6% over the past year, Massey values had risen 34.2% from this time last year and Sunnynook was up 29.8%. Onehunga values rose 22.5% from an average of $663,450 to $817,000. Birkenhead values rose 19.8% year on year from $774,150 to $933,750.