House prices are continuing to skyrocket post-COVID, with the average asking price for a property reaching an all-time high of $815,000 last month.
The national average asking price record was broken - increasing by 16 percent in the past year - despite slowing demand and supply, according to the latest Trade Me Property Price Index for April, which was released on Tuesday morning.
Prices surged in every region across the country last month when compared to April 2020, with the average asking price hitting an all-time high for 12 out of 15 regions.
House prices in the Manawatū/Wanganui, Marlborough and Wellington regions rose by 27 percent, 25 percent and 21 percent respectively, marking the biggest year-on-year increases.
April continued a record-breaking streak for the property market following months of "intense" activity, says Trade Me property sales director Gavin Lloyd.
"We've seen the national average asking price reach a new all-time high every month since September and this continued in April, marking the eighth record-breaking month in a row," he said on Tuesday.
"Twelve out of New Zealand's fifteen regions had a record-breaking month, with Nelson/Tasman, Northland, and Otago being the only places to buck the trend."
Despite prices continuing to climb, Lloyd says the property market has showed some signs of slowing down. Compared to March, supply and demand saw a downturn in every region last month as the market enters a "traditionally quieter period of the year".
"As the weather began to cool down, so did the property market, with the number of views on for sale listings down 10 percent in April when compared with the month prior," Lloyd said.
"This is quite typical of the property market at this time of year as both buyers and sellers tend to stay put and wait for the winter months to pass."
As a result, demand was down in every region last month, with the most significant drops recorded in West Coast (-15 percent), Manawatū/Whanganui (-14 percent) and Wellington (-14 percent).
Lloyd says market supply followed suit, also dropping by 8 percent nationwide month-on-month.
"If we see demand and supply continue to tail off, we might also see prices decelerate," he explained.
"But this will take some time after such a long period of growth."
The biggest drops in market supply last month were seen in Northland and Otago, with both regions experiencing an 11 percent drop in the number of properties listed onsite compared to March. This also had an impact on prices, with both regions failing to set a new record average asking price.
Wellington prices grow 'staggering' 21 percent year-on-year
The average asking price in the Wellington region reached an all-time high of $845,450 in April - a "staggering" 21 percent increase on the same month last year, says Lloyd.
It marks the biggest annual percentage increase on record for the region.
"After a record-breaking annual price growth of 20 percent in March, April's 21 percent jump showed that house prices in Wellington are still going strong," Lloyd said.
Wellington City came in as the most expensive district in the region, with a record average asking price of $936,200.
Most expensive districts in the Wellington region - April 2021
- Wellington City - average asking price of $936,200
- Porirua - average asking price of $888,500
- Kapiti Coast - average asking price of $841,750
- All three are new records for the districts.
However, supply and demand in Wellington followed the national trend, with demand in the region dropping 14 percent month-on-month. Supply was also down by 5 percent.
According to the Property Price Index, the most popular house in the region last month was a two-bedroom unit on Lavaud Street in Berhampore, with an asking price of $545,000. It received 358 watchlists in its first two days onsite.
Auckland region sees record-breaking month
The average asking price in Auckland was $1,074,550 last month, an 11 percent increase compared to April 2020 - setting a new record for the region.
In Auckland City, the average asking price was $1,184,950, up 6 percent on the same month last year.
Most expensive districts in the Auckland region - April 2021
- Waiheke - average asking price of $1,799,750
- North Shore City - average asking price of $1,268,500
- Auckland City - average asking price of $1,207,600
- All three are new records for the districts.
But supply and demand in the region also decreased, the former down by 8 percent compared with March and the latter dropping by 9 percent month-on-month.
The most popular property listing in the Auckland region last month was a three-bedroom house with an asking price of $2,800,000 on Wilding Avenue in Northcote Point. It received 275 watchlists in its first 48 hours onsite.