2 May 2012

Lack of new listings fuels Auckland property prices

7:39 am on 2 May 2012

Auckland house prices continue to rise as new listings fail to keep up with strong sales.

Realestate.co.nz's latest property report shows the average nationwide asking price eased 1% in April to almost $423,832, which is in line with the asking price in April last year.

The number of new listings on the real estate website slipped 23% from the previous month, and is on par with April last year.

In Auckland, however, asking prices hit a record high of $568,820.

Realestate.co.nz chief executive Alistair Helm says the Auckland market is still massively undersupplied.

Mr Helm says he thought more new listings would have come to market in recent months because of the clear signals that the market is favouring sellers.

The stock of unsold homes is almost a quarter less than at this time last year.

Mr Helm says the next few months will be particularly crucial, as fewer people tend to list their homes in winter, but sales remain strong.

Asking prices fell in 11 of the 19 regions, led by an almost 13% fall in Wairarapa, as well as falls in Waikato, Nelson, Southland and Marlborough.

There was strong growth of 14% in asking prices in Hawke's Bay and the West Coast which rose 5%.