Auckland house prices continue to build
A lack of supply has led to record breaking asking prices of residential properties in Auckland according to the monthly New Zealand Property report.
Data shows that during last month house prices increased by more than 2 per cent from the previous month to an all-time high of $568,820 this is the third month since August 2011 that average prices have smashed previous records in the district.
According to local agents demand far outstrips supply, residential real estate sales are up by 20 per cent when compared to the same time last year’s but new listings remain static.
Looking toward the coming month’s house prices are expected to remain high in accordance with a strong surge in sales and high buyer numbers highlighting the severe shortage of supply.
Countrywide house prices had begun to ease, as is normally the case throughout Autumn and while some regions recorded a drop in asking prices that is not expected to happen any time soon in Auckland.