The average asking price of homes in the Bay of Plenty has increased more than those in Auckland over the last 12 months.
According to Trade Me Property, the average asking price of Bay of Plenty homes advertised on the website was $533,600 in May, an increase of $101,250 compared to May last year.
Over the same period, the average asking price of Auckland homes listed for sale on the website increased by a slightly more modest $95,100.
Trade Me’s head of property Nigel Jefferies said the Bay of Plenty market had experienced rocket fuelled growth over the last 12 months on the back of explosive growth in Auckland.
“The City of Sails has been propelling the property market forward at real pace for the better part of three years, consistently exceeding $100,000 in year-on-year growth and in the last 12 months average asking prices there have lifted by almost 13%,” he said.
“But the Bay of Plenty is fast becoming the new kid on the block, challenging Auckland and clocking up a 23% asking price increase since May last year.
However the market remained patchy around the rest of the country.
Nationally, the average asking price of homes advertised on the website in May declined by a microscopic 0.1% compared to April.
On an annual basis, average asking prices in May were below where they were a year ago in five regions, while six regions recorded double digit increases for the year (see chart below)
Average asking prices on Trade Me Property May 2016
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