Average NZ house price is over $500k

For the first time, the average asking price for a Kiwi home has shot above half a million dollars, according to new real estate sales figures.

Nationally, the average asking price was now $511,421, according to data from Realestate.co.nz. That was 2.6 per cent higher than the previous record, set in January, of $498,471.

Some areas were buyers' markets, but in other regions, sellers had the upper hand.

"In some parts of the country with low inventory levels, such as Central Otago, Canterbury, Wellington, and Auckland, the property markets continue to favour sellers," said Bryan Thomson, Realestate.co.nz spokesman and board director.

"These regions are driving the national average downwards, however there are other regions which are finely balanced, while others favour buyers, such as Manawatu, Taranaki, Gisborne, Southland and West Coast," he added.

Realestate.co.nz said one year ago, the average asking price in Auckland was $677,370, so prices across the city had grown by an average of 13 per cent since then.

"Key regions in New Zealand, such as Canterbury and Auckland, continue to show robust growth in average asking price, as well as a healthy number of new listings," Mr Thomson said.

Apart from Auckland, Taranaki also had a new high in the average asking price. Realestate.co.nz said the average there was now $369,791, breaking a record of $344,910 set in December 2013.


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