Spike in properties for sale as House Price Index drops

According to Trade Me data properties for sale rose 13% in March compared to February. They reached a record high in several regions, while demand also escalated.

Despite the increase in supply, Trade Me Property sales director Gavin Lloyd says the national average asking price reached a new record of $971,450 in March, up 21% year-on-year, with no change when compared with February.

“What this is telling us is sellers’ expectations have not shifted and most are still holding on to hope that their property will fetch top dollar.”

However, REINZ’s HPI nationally is down 4.3% from its peak, with the biggest falls occurring in the Auckland and Wellington regions with the HPI down 7.8% from its peak in both regions.