Latest property update - February 2016

The latest statistics from realestate.co.nz and presented by unconditional states that Auckland reached a new record high in average asking price in February of $866,080 - that's an increase of $101,656 or 13.3% in 12 months.

Chief Executive of Realestate.co.nz, says that the national average returned to near record high levels in February, with Auckland, Otago, Hawke’s Bay and Coromandel experiencing the largest increases.

While these average asking prices reflect continuing vendor confidence, low inventory of listings available is also a contributing factor.

The national inventory of available housing stock sits at 16.4 weeks, easing only slightly from the record low set in January of 14.7 weeks.

New listings for February across the country totalled 11,989, a return to expected levels for this time of year following a shortage of supply in December and January.

Auckland had 4,202 new listings, up 1.4% from February 2015, and its highest number for February since 2013

Shannon CorbettComment