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.

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