The average asking price of Auckland homes listed for sale on Trade Me Property set a new record high $710,250 in the three months to February, while the national average asking price was $505,350, just below the record high it set in the three months to November.
Trade Me head of property Nigel Jeffries said the increase in asking prices had been clearly foreshadowed over the last couple of months.
"We've seen plenty of speculation that interest rates will be easing rather than tightening," he said.
"The upshot is that the property market appears to have reignited, particularly in Auckland, although things have plateaued in Christchurch.
In Auckland the record average asking price in the three months to February was up 14.5% compared to the same period a year earlier.
But double digit increases over the same period also occurred in: Hawkes Bay +18.4%, Taranaki +15.6%, Manawatu/Wanganui +11.2% and Southland +18%.
In Wellington the average asking price was up 7% on a year earlier and in Canterbury it was up 7.1%.
Otago was the only region to record a decline, with the average asking price down 2.7%.
The Auckland apartment market had shown strong growth, with an average average asking price of $433,900 in the three months to February, up 20.6% on a year earlier, driven mainly by newly built apartments hitting the market.
For freestanding houses, the biggest increase in average asking price was for the smaller 1-2 bedroom homes, which posted a national increase of 14.6% for the year, and a 17.2% increase in Auckland.
The average asking price of small homes in Auckland had increased by $82,600 over the last 12 months to set a new record of $563,500 in the three months to February.
To read Trade Me Property's full release with details of average asking prices by all property types in the main centres, click on this link.
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