Provincial property market heats up while Auckland cools

Provincial property market heats up while Auckland cools

What we’re seeing
- Auckland’s property market is cooling while the regions appear to be taking off
- Excluding the three major cities provincial property prices have risen $336,950 (37.9%) in the past five years
- Of New Zealand’s 15 regions, 7 hit record highs average asking prices in December 2016 - Gisborne, Marlborough, Manawatu, Nelson, Northland, Southland and Waikato.
- Of the three ‘halo’ regions Northland has been the quietest until recently. The region blew through the half million dollar mark in November and kept going in December. It now has average asking prices of $521,750
- Urban properties (units, apartments, townhouses) are lagging behind the rest of the property market (while still growing) and this may be down to lending restrictions

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