Average New Zealand house price reaches all-time high

House prices around the country are on the way up.
House prices around the country are on the way up. Photo credit: Getty.

New Zealand house prices are still on the rise, according to the latest data from RealEstate.co.nz.

Eight regions of the country have hit an all-time high, but surprisingly, Auckland is not on this list.

These rises have driven up the national average, which is now also at its highest ever point.

RealEstate.co.nz spokesperson Vanessa Taylor said 12 years ago, the average asking price in New Zealand was around $410,000.

It has now risen to a staggering $695,116.

"The continuous increases in the national asking prices have largely been led by the Auckland region, but this month it was a diverse mix of eight other regions," Ms Taylor explained.

The areas which hit their all-time highs were Waikato, Gisborne, Wellington, Nelson and Bays, Otago, Southland, Central Northland and Manawatu/Whanganui.

Ms Taylor said these regions rose in price because they "experienced a fall in new listings, and have low overall stock levels, which has helped vendors command handsome prices".

In Auckland, asking prices remain static, but the market seems to be growing, with 4.6 percent more listings than this time last year.

Average New Zealand house price reaches all-time high
Photo credit: RealEstate.co.nz

Ms Taylor says this is a good sign for buyers, with "a fresh injection of new listings, a flattening in the average asking price and a slow-down in the time it takes for properties to sell."

Otago had the largest increase in asking price, up 4.8 percent from December.

This was followed by Wellington, up 1.5 percent, and Waikato, up 1.2 percent.

Newshub.

Contact Newshub with your story tips:
news@newshub.co.nz