The Trade Me Property Price Index shows that house prices across the country have more than doubled from the average annual wage.
Last month’s average national price hit a record high of 6 846,900. An annual increase of 21% or $ 143,950.
That number was 2.2 times higher than the national average of ، 64,939 in the June quarter, according to TradeMe jobs.
Gavin Lloyd, director of TradeMy Property Sales, said that despite the Level 4 lockdown in August, prices have risen sharply.
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“It marked the 12th month of double-digit growth and meant that the annual increase was the largest on record,” Lloyd said.
All areas reached record average asking prices in August, including Auckland, up 16.1% to ، 1,103,900.
Manauti / Wanganui was the biggest gainer, up 29.5% to 58 589,350.
Wellington and Hawke’s Bay then rose 25.8 percent to $ 867,050 and 23.4 percent to $ 737,050, respectively.
Asking prices are the prices used in property listings and cannot be the price that the property sells.
Korlogic reported an average national price of 93 937,148 in August, while the latest figures from the Real Estate Institute put the average national price in July at 82 826,000.
However, along with rising prices, trade data showed a decline in supply and demand in August compared to the same period last year.
The number of properties listed for sale on the site decreased by 31% and the demand decreased by 24% year on year.
In Wellington, supply fell by 18% and demand by 35%, the largest shortfall in all areas.
In the Auckland region, supply was 20% and demand 29%.
Lloyd said the low supply and demand mirrors what happened in the previous lockdown.
He said this was expected because lockdown restrictions have made buying and selling homes more difficult.
“But the market has been hot since coming out of the lockdown last year. Despite many predictions, we will see it slow down.
“As we have seen since the last lockdown, we expect listing numbers to be restored as soon as the restrictions are lifted, and we will lower the alert level.”
Corloc’s latest residential affordability report showed Thursday. The average property price rose 7.9 times the average annual household income in the second quarter of this year..
With prices soaring and cheaper, it was not surprising that TradeMe had lower-than-national prices for its most popular property listing in August.
The most famous listing was for a two-bedroom house in Wilton RD, Wellington, valued at 625,000. The site had 372 watchlists in its first two days.
Auckland’s most popular listing for a three-bedroom house on Caspian Close in New Lane was priced at 700 700,000 and was listed 288 times in its first two days on the site.