21 Dec 2015

Auckland property ads need price guide - analyst

10:42 am on 21 December 2015

House advertisements should have a mandatory price indication to limit buyer frustration, a property analyst says.

QV figures show the average Auckland house price is $930,000, with the median rent also hitting a new high of more than $500 a week.

But there are signs the Auckland market may be cooling, with auction sales slowing and more ads including price guides.

Auckland analyst and investor Olly Newland told Morning Report a price guide should be required, either by law or by the real estate industry.

"People are pretty fed up with this 'by negotiation' and when you see a price on a property, at least you know where you're going and can start negotiating properly," he said.

"It's always been a bugbear of mine that there's no price guide at all. In my view it should be a compulsory price guide."

A lack of supply was still the main driver of house price increases in Auckland, Mr Newland said.

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