Average asking prices on Trade Me Property up 20% in Otago, 19% in Waikato, 17% in Bay of Plenty, 11% in Auckland and Wellington but Christchurch lagging behind

The average asking prices of homes listed for sale on Trade Me Property are rising in most places around the country and setting new highs in Auckland.

Nationally the average asking price of all homes newly listed for sale on the website in the three months to August was $597,250, a new record high and up 7.1% compared to the same period of last year.

In Auckland the average asking price also reached a new high of $858,900, up 11.4% compared to a year earlier.

The biggest growth in average asking prices over the last 12 months has occurred in Otago, where they are up 20.4% compared to a year earlier, followed by Waikato +19.2%, Bay of Plenty +17.4%, and Northland +14.1%.

In the Wellington region they have risen 10.8% over the last year.

However the market appears to be much quieter in Christchurch where the average asking price of $465,600 was up just 1.7% compared to a year earlier (see chart below).

“The sluggish property market we’ve seen recently is starting to gain some traction again as we shift into spring,” Trade Me’s Head of Property Nigel Jeffries said.