figures show sellers continue expect more for their houses

Homeowner's expected higher prices for their houses in several regions last month, particularly in Auckland, Gisborne ...
Rebekah Parsons-King/Fairfax NZ

Homeowner's expected higher prices for their houses in several regions last month, particularly in Auckland, Gisborne and Central Otago.

Homeowners' asking prices for houses continue to rise but it's a two-speed market, according to the real estate industry's property website.

Data from shows the national asking price for a house rose on average by 0.9 per cent in June, to a new record of $537,682.

Asking prices are usually higher than the final sale price measured by the Real Estate Institute.

Only eight out of 19 regions saw asking prices increase, but they were so significant that they lifted the national average, said the website's chief executive Brendon Skipper.

Expectations rose the most in Auckland, Central Otago and Gisborne. In Auckland asking prices rose above $800,000 for the first time to $820,016, up 3.4 per cent on May.

Sellers in Central Otago asked for an average of $762,284 for their homes, 9 per cent higher than in May and Gisborne asking prices also took a jump, albeit from a lower base, to $287,140, up 10.3 per cent.

Other regions where sellers lifted their sights were Manawatu/Wanganui (up 4.8 per cent), Taranaki (up 4.5 per cent), Otago (up 2.1 per cent), Canterbury (up 1.8 per cent) and Central North Island (up 1.7 per cent).

Homeowners in Wellington and the Waikato lowered their sights slightly, down 1 per cent in the Capital to $457,488, and by 0.5 per cent in the Waikato to $385,325.

Skipper said demand for properties continued to outstrip supply, even though there were 2.6 per cent more properties on the market than a year ago.

The overall inventory of housing stock for sale remained at an all-time low of 20 weeks, a measure of how long it would take to sell.

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Canterbury's shortage had clearly eased with 1117 new listings, 9 per cent higher than June last year.

But, by that measure, only two regions were rated as "buyers" markets," Southland and West Coast.

ASB economist Chris Tennent-Brown said the figures showed a familiar pattern of undersupply in Auckland, where there was only 9.6 weeks of stock on the market.

"Wellington is now the second tightest region by this measure, with 14.3 weeks' worth of inventory." 

Other regions were better supplied but "we expect lower mortgage rates to stimulate buyers and provide a boost to housing markets in regions beyond the Auckland hotspot".

 - Stuff


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