1 May 2015

Auckland drives housing price rises

12:14 pm on 1 May 2015

The property market continues to soar with both values and asking prices rising.

Auckland's average home value cracked $800,000, figures from state valuer QV show.

QV figures for April show nationwide residential property values increased 8.3 percent over the past year, and are 27 percent above the 2007 peak.

The Auckland market increased 14.6 percent year on year and was 48.1 percent higher than 2007.

When adjusted for inflation the nationwide annual increase drops slightly to 8.2 percent and values are now 5 percent above the 2007 peak.

Sold house in Auckland

Photo: RNZ / Diego Opatowski

Asking prices at new high

Property figures from Realestate.co.nz showed the national average asking price increasing to a record $521,729 - a rise of 1.4 percent on the previous month.

In Auckland, the average asking price inched up to a new high of $789,581 in April.

The data showed Auckland continued to be the main driver in the overall national increase. No other region experienced a new record in average asking price in the month.

Most parts of New Zealand experienced either little change or decreases in average asking price during the month.

In Wellington the average asking price dropped slightly by 1.4 percent to $455,611, while Canterbury also experienced a small decrease of 0.8 percent to $463,175.

The biggest drops occurred in Central Otago where the average asking price in April fell by 17.3 percent to $604,729, while the average in Southland fell by 11 percent to $232,549.

The number of new listings was the lowest recorded for April the website, with only 9,673 coming on to the market, a fall of 5.6 percent on the same time last year, and a decrease of 18 percent from March.

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