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Jump in New Zealand’s house prices
1 Aug
The national average asking price for a home in New Zealand increased significantly in July, according to figures released by RealEstate.co.nz.

As Newshubs reports, strength registered from specific regions has helped the national average asking price skyrocket to $669,941.

Taranaki, Otago, Southland and Hawke’s Bay each recorded the highest asking prices seen since the first recorded price fluctuations in 2007.  

Taranaki saw its average asking price reach $475,425 in July, increasing 11.6% since June – but new listings decreased by 23% since July 2018.

Spokesperson Vanessa Taylor said: "For two months in a row, new listings have been scarce in the Taranaki region. It was a similar picture in June and July last year, but listings are even fewer this year.”

Otago’s average asking price climbed by 11.2% from June to $454,727, while Southland’s prices increased by 6.7% to $373,897.

Hawke’s Bay also saw its prices rise to a record high, but also saw its number of listings and houses for sale drop to a record low.

July’s asking price stood at $579,647, up 6.8% from June, while new listings decreased by 7.8% since last year to 212. The total number of homes for sale was 374, having dropped 2.9% from July 2018.

According to Taylor, this is just a “classic supply and demand situation”.

"This is a very tight market, but the upside is that more than half of the homes on the market in July were fresh listings for buyers to consider.”

Meanwhile, outside of these four regions, Auckland’s prices increased by 1.5% since June, climbing to an average asking price of $928,152.

Taylor said: "We are a long way from the peak of the heated property market when it was all about the Auckland region.

"However, we can't ignore the fact that the Auckland region is our biggest market and with the average asking price lifting for the second month in a row, we'll be watching with interest to see what happens during the rest of this quarter.

"[July's average asking price is] still some way off the region's 2019 peak average asking price of $960,715 in February, which is traditionally an active property month."

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