Trade-ups out of reach for many

Kelvin Davidson

Across the main centres, the trade-up premium – the gap in value between three and four-bedroom properties – is at least $150,000, and more than $400,000 in central Auckland, CoreLogic’s latest research shows. 

What’s more, the gap has generally increased over the past year, with the largest rise of nearly $60,000 coming in Wellington.

This comes as competition for houses is intense, with fewer than 15,000 on the market last month leading to price surges.

The total number of homes for sale dropped 28.9% in May compared to May last year, REINZ data shows. It is the second lowest number of houses for sale since records began.