Listings surge and prices up

Trade Me's Property Price Index for November shows the national average asking price for a property reached $864,650, up 0.5% compared to October.

Some of the smaller regions have had the biggest changes. Gisborne has led the way with a 3.5% month-on-month increase, bringing the average asking price up by $20,000 to $627,700.

Following close behind is Northland with a 2.3% rise, lifting the average asking price for the region to $841,700. One of the main drivers has been Whangarei, which had a 4.4% increase when compared with October, upping the average asking price by more than $30,000 to $831,100.

Among New Zealand's major cities, Christchurch stands out as the only region experiencing a year-on-year increase. The average asking price reached $701,900 in November, up 0.2% on the month prior.