The latest data shows property prices in the Coromandel region have seen the highest increase of any region nationwide.
Realestate.co.nz figures show the average asking price for Coromandel soared 15 per cent during October to $1,235,294 from an average price of $1,074,424 in October last year.
This compares to $1,049,492 in September and $1,061,029 in August this year.
Realestate.co.nz spokesperson Vanessa Williams said the regions had driven the increase to the national average asking price this month.
Seven other regions saw year-on-year growth in average asking prices – Nelson and Bays (up 9.5 per cent), Southland (up 5.6 per cent), Taranaki (up 5 per cent), Manawatū-Whanganui (up 2.7 per cent), Wairarapa (up 2.2 per cent), and West Coast (up 1.8 per cent). Canterbury remained flat with an increase of 1 per cent.
In comparison, average house prices in the Waikato dropped 1.8 per cent during October compared to the same period last year, and Auckland saw a 6.8 per cent drop.
During October, new listings were up, auctions regained popularity with sellers, and the national average asking price lifted back to January 2023 levels, she said.
The number of people searching on realestate.co.nz also increased by 7 per cent compared to September, and was up by 3.1 per cent compared to the same time last year – signalling growing interest from buyers during October.
These indicators suggested the market is starting to move, Vanessa said.
“It is difficult to say for sure what is causing the shift. It could be the coming change of government, the OCR [Official Cash Rate] holding for the third consecutive month or the cyclical nature of the property market,” she said.
“However, this will be welcome news for anyone wanting to sell.”
Real estate agents were reporting increased numbers through open homes, another sign of market stimulation, she said.
Auctions overtook display price as the most popular method of sale last month, with 28.3 per cent of all listings on realestate.co.nz during October listed for sale by auction, while those with display prices comprised 26.5 per cent of all listings.
Vanessa said this change indicates the market was becoming more competitive.
“Auctions are generally more popular in a hot market. Seeing the number of auctions increase tells us that buyers and sellers are both more confident to transact under the hammer.”
The number of listings for sale by auction at realestate.co.nz has steadily increased since May this year.
After nine months of softening prices, the national average asking price increased to $884,377, about where it was at the beginning of the year.
“This is the first time the national average asking price has been above $880,000 since January. In 2023, we’ve had a shallow dip followed by what looks like a recovery.”
“We will have to wait a couple more months to see whether this uptick becomes a trend. It’s not unusual to see the market pause during an election,” Vanessa said.
