The national average asking price reached a new record of $936,150 last month, increasing by 50 per cent when compared
with November 2016, according to the latest Trade Me Property Price Index.
Trade Me Property Sales Director Gavin Lloyd said November was the first time the national average entered the $900,000
bracket, and that in the past 12 months prices had climbed by nearly a quarter. “If we compare November’s national
average asking price to the same month in 2020, we saw an eye-watering increase of 23 per cent - the largest
year-on-year jump we’ve ever seen.”
“If we compare the national average asking price to five years ago, homeowners have made an average of $311,450 on their
property.”
Looking around the country, Mr Lloyd said the average asking prices reached an all-time high in every region last month,
except for Southland. “The largest year-on-year increases were seen in the middle of the North Island, with Hawke's Bay
seeing a 32 per cent jump and Manawatū/Whanganui prices jumping 33 per cent.
“Even after months of record-breaking price increases this year, the market is heading full steam ahead into 2022.”
Nationwide, Mr Lloyd said while the number of houses for sale dropped by 2 per cent year-on-year, this was a massive 25
per cent increase when compared with the month prior. “Demand around the country dropped by 12 per cent in November when
compared with the same month year-on-year.”
“With the national average asking price increasing by 5 per cent in the past month alone it’s easy to see why New
Zealanders don’t foresee any drop in property values, despite the momentous uplift in listings we’re seeing and some
experts predicting otherwise. ”Wellington prices edge closer to $1m despite supply increase
In the Wellington region, the average asking price for a property reached a new high of $964,250 in November, increasing
by 23 per cent year-on-year. “Looking at the Wellington City district, it spent its second month ever in the $1m
bracket, with an average asking price of $1,057,900.
“And keeping the city company in November, we saw South Wairarapa hit the $1m mark for the first time with an average
asking price of $1,012,950.”
Most expensive districts in the Wellington region - November 2021 (*new record)DistrictAverage asking price -
November 20211Wellington City$1,057,900*2South Wairarapa$1,012,950*3Porirua$987,200*
In Wellington, supply was up 31 per cent year-on-year while demand was down 18 per cent. “This is a significant supply
increase for a region that has long battled to keep up with demand. This region will be one to watch in the coming
months and if this situation continues we may well see prices cool off in the Wellington region.”
The capital’s most popular property last month was a three-bedroom house on Knoll Street in Island Bay. “The property
had an asking price of $1,095,000 and was added to 306 of our members’ watchlists in its first two days onsite.”Auckland cracks $1.2m mark for first time
Despite lockdown restrictions, the average asking price in the Auckland region reached a record $1,251,150 in November
after climbing 22 per cent year-on-year. “Looking at Auckland City, the average asking price was an all-time high of
$1,402,900, making it the third most expensive district in the region.”
The most expensive districts in Auckland in November were Waiheke Island ($1,732,350) and North Shore City ($1,455,100).
Most expensive districts in the Auckland region - November 2021 (*new record)DistrictAverage asking price -
November 20211Waiheke Island$1,732,3502North Shore City$1,455,100*3Auckland City$1,402,900*
Supply in the Auckland region was up 1 per cent year-on-year in November, while demand was down 17 per cent as Covid-19
restrictions continue to impact the market.
Last month’s most popular Auckland property was a four-bedroom house on Rose Road in Grey Lynn, with an asking price of
$6,295,000. “It was watchlisted 329 times in its first two days onsite.”Record average asking prices for all house sizes
Mr Lloyd said nationwide, houses of all sizes saw their highest ever average asking price in November. “Small houses saw
the largest year-on-year percentage increase of 27 per cent to reach $693,250.”
Mr Lloyd said the national average asking price for urban properties (townhouses, apartments and units) reached a record
high in November, at $756,550. “The average asking price for a townhouse saw the biggest increase of all urban property
types, up 25 per cent on the same month last year and reaching an all-time high of $873,000.”