House prices cool in February - Trade Me

  • 14/03/2018
House prices cool in February - Trade Me
Photo credit: Getty

New Zealand house prices plateaued in February as Wellington's hot market cooled for the first time in five months, Trade Me says.

While house prices typically spike in February, 2018 had bucked the trend with the national average asking price falling 0.6 percent compared to January to $626,050, the property listing website found.

It said Wellington led the way in the slight dip with its average asking price falling more than 1 percent on last month to $562,250.

"Buyers in Wellington will be smiling through gritted teeth with a dip in asking prices and a 4 percent increase in the number of properties for sale," head of Trade Me Property Nigel Jeffries said.

"It's a nice change for first home buyers after months of little stock and record asking prices."

However, he said prices weren't likely to drop much further.

"We're still seeing fierce demand for properties in the capital with the number of views up 10 percent on last year," he said.

Prices also halted in Auckland, falling 0.1 percent compared to January to hit $910,750. This was a fractional 0.5 percent higher than prices this time last year.

"Buyers in the Super City will be relieved this month as prices continue to slow," Mr Jeffries said.

Elsewhere in the regions, prices continue to climb with Hawke's Bay, Manawatu and Marlborough all reaching new record highs in February.

"The Hawke's Bay property market has been a star performer lately and in February we saw an annual increase of 16 percent to a record asking price of $527,100," Mr Jeffries said.

Manawatu and Marlborough were also both up 15 percent to $328,400 and $477,800, respectively.