28 November 2024, 6:30 PM
Hibiscus Coast locals may find renewed optimism in the latest property market figures, with New Zealand’s housing sector showing signs of recovery. The national average asking price for a property in October rose to $848,900, up 3.1 per cent from September, marking the strongest month-on-month growth in nearly three years. Trade Me Property reported the increase alongside a surge in both supply and demand, each rising by nine per cent compared to the previous month.Gavin Lloyd, Trade Me Property Customer Director, said the trend reflects seasonal activity and changes to the Official Cash Rate (OCR). “It’s positive to see property prices continue to trend up across much of the country as we head into summer when we would typically expect to see some momentum,” he noted. Compared to October last year, supply is up 26 per cent while demand has grown by 20 per cent, suggesting an increasingly active market.Auckland made a notable return to seven-figure territory, with the average asking price climbing to $1,038,550 in October, a 4.2 per cent rise from September. Auckland City and North Shore City contributed significantly to this growth, with prices jumping 7.8 per cent to $1,217,300 and 5.1 per cent to $1,235,300, respectively. This comes after five months of declining prices in the region and marks the second consecutive month of increases, offering reassurance to sellers.Nationally, homes are selling faster than in recent months, with the median time for listings dropping to 59 days from 70 in September. Lloyd described this as an encouraging development, adding, “Homes selling quicker is a good sign for our property market, particularly when it coincides with increasing demand as we have seen over the past four months.”Fourteen of the 15 regions monitored by Trade Me Property showed price growth in October. Among the strongest performers were the West Coast, Southland, and Northland, with increases of 6.3 per cent, 4.6 per cent, and 3.1 per cent, respectively. Gisborne was the only region to record a decline, with the average asking price falling 1.8 per cent to $603,650. This marks the fifth consecutive month of declining prices for Gisborne, contrasting with the upward momentum seen across much of the country.