Economy

NZ average house price tops $700k for first time

An online property sales site shows the New Zealand property market closed the decade with 18 record-breaking statistics.

Realestate.co.nz said the average asking price for a house in New Zealand had risen above $700,000 for the first time since records began 13 years ago.

The average asking price is not a valuation, but an indication of current market sentiment.

Spokesperson Vanessa Taylor says regional New Zealand led the charge, with five regions showing substantial increases in average asking prices.

"Of the 12 months last year, 10 of those saw all-time high asking prices. Nelson wasn't too far behind that but Manawatū, Whanganui continues to see that drive and hive of activity in the area."

Taylor said the figures also showed the total homes available for sale hit a record low.

This article was originally published on RNZ and re-published with permission.

Help us create a sustainable future for independent local journalism

As New Zealand moves from crisis to recovery mode the need to support local industry has been brought into sharp relief.

As our journalists work to ask the hard questions about our recovery, we also look to you, our readers for support. Reader donations are critical to what we do. If you can help us, please click the button to ensure we can continue to provide quality independent journalism you can trust.

Comments

Newsroom does not allow comments directly on this website. We invite all readers who wish to discuss a story or leave a comment to visit us on Twitter or Facebook. We also welcome your news tips and feedback via email: contact@newsroom.co.nz. Thank you.

With thanks to our partners