House prices stabilise thanks to flat Auckland market

House prices across New Zealand flattened out over December.

The national average sits at $673,043, with Auckland's at more than $953,950, according to the latest figures from realestate.co.nz.

Vanessa Taylor of realestate.co.nz says the 1.9 percent rise nationally is the lowest yearly increase since December 2012.

"It had peaks and troughs during the year. We have typically seen it remain relatively flat after a very frantic market during the previous year, so it has sort of found its feet again."

The number of new listings in Auckland is down 17.7 percent compared with last year, and new property listings and stock numbers are at an all-time low in the capital.

Wellington's average asking price is $647,490, up 1.1 percent from last year. Ms Taylor says it's a classic supply-and-demand situation.

"Since we've been collecting data, we haven't seen those new listings or total stock being that low in the region."

average asking price
Photo credit: realestate.co.nz

Listings are down in the capital 23.6 percent compared with this time last year, and stock is down 23 percent.

In Auckland, the asking price fell 2.9 percent from November, but is up 0.5 percent on December 2017.

"While this may well be a correction rather than a trend, this past year has seen the market stabilise compared to the extremes of previous years," said Ms Taylor, adding that the nationwide price stabilisation is beneficial to both vendors and buyers.

"If you are looking to sell your house it is a great time to put it on the market because if you are going to be a seller, typically you are then moving into a buyer - and when you're a buyer, you want to make sure you've got plenty of stock to look at."

Asking prices have risen 35 percent since December 2014 though.

The biggest rise in asking price came in Wairarapa, up 11.8 percent year-on-year to $520,110. Second-place went to Gisborne, up 6.9 percent to $392,201, and third to Coromandel, up 6.1 percent to $709,570.

Falls were recorded in the Central North Island (0.2 percent), Nelson & Bays (2.1 percent), Central Otago/Lakes (1.8 percent), Southland (3.8 percent), Bay of Plenty (4.2 percent) and Manawatu/Whanganui (1.6 percent).

Newshub.

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