House sellers nationwide are
asking more than ever for their properties. Aucklanders want
a record $732,240 and Central Otago Lakes is in second place,
up 10.5% at almost $670,000.
Analysts expect further price pressure, especially in
Auckland, as national house listings are down 2% on a year
Fifteen of the country's 19 regions showed increases in
vendors' asking prices, while the number of newly listed
homes was the lowest on record for June of any year and down
20% on the number of May listings.
Realestate.co.nz marketing manager Paul McKenzie said the
record Auckland asking price drove the national average up to
a record $490,550.
''In June, the average asking price for homes in Auckland
reached an all-time record of $732,240. This represents a
significant increase from the previous record of $685,426 set
in April,'' he said in a statement.
Four regions recorded their lowest number of monthly new
listings on record: Central Otago Lakes, down 25% to 166; Bay
of Plenty, down 13% to 562; Central North Island, down 27.5%
to 87; and Gisborne, down 36.5% to 47.
ASB economist Daniel Smith said the housing inventory
remained ''very tight'', particularly in Auckland.
With prices likely to go up further, Mr Smith still expected
the Reserve Bank to continue to lift the official cash rate
(OCR) by 25 basis points later this month, before pausing the
rate rises until later in the year.
Nationally, the number of new listings fell for the second
month in a row, and (seasonally-adjusted) was about 2% lower
than the same time last year. In Auckland the issue was even
more acute and new listings were 9% below year-ago levels,
but Mr Smith said the Canterbury supply problem appeared to
be easing. New listings there in June were 7.3% higher than a
Mr McKenzie said all but four of the country's 19 regions
recorded higher average asking prices compared with the same
month last year.
''The high asking prices in Auckland, in particular, suggest
that home sellers are confident they will get their price,''
Mr McKenzie said.
''A factor in this may be the low overall supply of homes on
the market,'' he said.
However, the Reserve Bank's loan to value ratio restrictions
on banks and the rising OCR would continue to impact
''On balance, we expect house prices to continue rising, but
not at the same kind of pace seen over 2012-13,'' Mr Smith