Asking prices tip record $400,000

CATHERINE HARRIS
Last updated 11:21 02/11/2012
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SKY HIGH: Asking prices for properties reach a new high as a surge of spring sellers hit the market.

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Asking prices for properties in Canterbury soared to a record high last month.

A monthly report by industry website Realestate.co.nz shows asking prices, which are usually higher than the sale price, were up 13 per cent in Canterbury to an average of $414,070.

This is the first time that the seasonally adjusted mean asking price has topped $400,000 in the region.

Nationally, they were up 4 per cent on the previous month and 5 per cent on a year ago to a record average of $445,529.

The greatest increase was in the Central Otago-Lakes district, where they leapt 18 per cent to over $620,000.

Auckland's asking price was also at a new high of $611,864, up 6.5 per cent.

Asking prices on the West Coast fell 6.4 per cent.

The number of listings in Canterbury rose just 8 per cent (1400 more homes), below the national increase of 12 per cent on the previous year.

Inventory – the number of weeks taken to clear the backlog of properties on the market - remained stable nationally at 33 weeks but dropped 10 per cent in earthquake-hit Canterbury.

Realestate.co.nz spokesman Paul Mackenzie said the next figures showing the November spring market would be interesting.

"November is traditionally one of the biggest listing months of the year," he said.

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- BusinessDay.co.nz

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