SPRING INTO ACTION!
First National’s survey revealed the lack of listings throughout the country is driven by vendors waiting for spring. Another reason for the lack of listings is that vendors are unable to find a suitable replacement if they sell.
This lack of supply is driving some prices up, with many reports of multiple offers on properties. An average price increase of 0.3% across the country (seasonally adjusted) with the mean asking price now $430,443.
Across the 19 regions of the country, asking prices showed a significant range of variances. The star of the month was Auckland, reporting a 1.8% increase and hit a new record seasonally adjusted average asking price of $585,482. The asking price in the other main centres of Wellington & Canterbury witnessed a fall in August, with Canterbury showing the lowest asking price since January this year (down 4.8% to $374,732). In total, 12 regions reported asking price increases with Northland the largest riser, up 8.6% to $388,790. Of the seven regions witnessing asking price falls on a seasonally adjusted basis, there were 3 reporting falls greater than 5%, with the biggest falls seen in Taranaki (down 6.7% to $280,560) and the Central North Island (down 6.1% to $325,982).
(Realestate.co.nz)
Filed under: REAL ESTATE | Tagged: Real Estate