Data from Trade Me has confirmed the average asking price for a house in Auckland is now more than $1 million, with every region in the country seeing year-on-year increases.
Last week, the Real Estate Institute of New Zealand (REINZ) reported that in October, for the first time ever, the median house price in New Zealand's largest city hit $1 million.
Trade Me's Property Price Index on Tuesday confirmed that, showing average prices in Auckland have climbed 9.4 percent on the year prior to $1,003,300 - an $86,000 jump. The number of properties on the market was up just 4 percent.
"It's full steam ahead for the Auckland property market and there's strong demand for properties in the region with listing views up a 'staggering' 22 per cent on the year prior," spokesperson Logan Mudge said.
"From what we are seeing, record low interest rates and the need for more space appear to be fueling the market in the region. After two lockdowns this year, Aucklanders appear to be in a race for space, with many Kiwis reconsidering their lifestyles and looking for bigger homes."
Trade Me reports that large Auckland houses - those with five or more bedrooms - have seen the largest jump in asking prices of all house sizes, up 13 percent to $1,534,350 in October. Small houses (1-2 bedrooms) saw prices increase 4.5 percent to $641,460.
"New Zealand's national average asking price also reached a new record after climbing 10.5 percent year-on-year to $742,950," said Mudge.
"Demand countrywide was up 16 per cent on the year prior as many Kiwis look to invest, buy their first home, upsize or downsize."
Every region in New Zealand saw property prices increase year-on-year in October, with 11 of 15 reaching new records.
Wellington hit a high of $736,100, with the number of property listing views there climbing 21 percent, but supply falling 16 percent.
"Property is in hot demand in Wellington and to put it simply, it's a great time to sell with demand high, supply low and record prices," Mudge said.
"The most popular property for sale in October was a one-bedroom house in Rongotai which had 861 watchlists in its first two days onsite. The remaining five most watchlisted properties onsite in October were based in the Wellington suburbs of Brooklyn, Island Bay, Newlands and Thorndon."
Another standout was Manawatu/Whanganui, which saw prices leap 15.9 percent in October to $466,350. It's the 11th consecutive month the price has increased there.
Last week, REINZ chief executive Bindi Norwell said October will go down in "housing history".
"While [hitting $1 million] is a significant milestone, it raises serious questions around future affordability for Auckland residents wanting to get a foot on the property ladder," she said.
"It also highlights just how important it is that legislation, such as the RMA, is re-addressed quickly by the current government so it is fit for purpose to help support more houses being built at speed and at scale."
