Latest property update - February

A number of regions in New Zealand experienced new record highs in average asking prices in January, according to data from Realestate.co.nz. National inventory in January hit a new all time low of 14.7 weeks. The previous all-time low was 16.1 weeks set in October last year.

The total number of new listings across the country in January was 8,144, down 14.6% compared to the same month a year ago.

The national average asking price in January was $542,514, up 3.7% from December though still short of the all time high of $568,215 set in August 2015. The average asking price in Auckland fell 2.3% to $828,629 in January from $848,195 in December, though Auckland also experienced a decline in listings of 18.4% from the same month last year.

New record highs in average asking price in January were set in Central Otago reaching an increase of 4.5%, the Bay of Plenty reached a new high of $501,961, up 3%, Wellington was up 2% and Waikato was up 6.3% compared with December last year.

Source