The average asking prices of homes in some regions have declined or posted only modest growth over the last year, while the Auckland market powers on, according to Trade Me Property.
The average asking price of Auckland homes listed for sale on the website in the three months to September was up 19.7% compared to the same period last year, while the average asking price of homes in all other regions of the country (excluding Auckland) was up just 3.8% over the same period.
Those regions where average asking prices rose significantly were Hawkes Bay, where it was nearly a third higher (32.6%) in the three months to September than the same period of last year, followed by Auckland (19.7%), Waikato (11.5%), West Coast (11.4%), Bay of Plenty (11.3%), Southland (8.3%) and Marlborough 6.6%).
Average asking prices in other regions either showed modest increases or declined compared to a year earlier.
In Wellington the average asking price was up just 0.7% compared to a year earlier, and in Christchurch it was up 3.6% for the year.
Regions where the average asking price declined compared to a year earlier were Gisborne (-21.4%), Otago (-10.8%), Taranaki (-10.2%), and Northland (-0.9%).
“Our largest city is charging on but it looks like the rest of the country has reached a plateau for now,” Trade Me’s Head of Property Nigel Jeffries said.
“There are some regions which are performing exceptionally well, but nationwide it’s pretty quiet,” he said.
Trade Me Property’s monthly report said asking prices in Waikato and Bay of Plenty were being affected by Aucklanders investing in those regions, but average asking prices in Otago had declined in seven of the last eight months.
“Otago seems to be experiencing a very tough time with average asking prices for property in the region well below prices in September 2010,” Jeffries said.