March Property Report – Main centres drive national increase to new highs.

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While always traditionally a busy time of year, March looks to top records for the property calendar in 2014.

Figures released this week by realestate.co.nz. show that  while over half of the country’s regions saw an increase in asking price, it was the major centres of Auckland, Waikato and Wellington that were the driving forces behind the new record national asking price of $484,263, each region reaching their own record level with Auckland jumping up 12% on the previous year.

Auckland: $683,169  – 1% up from previous month, 12% up from same month previous year.

Wellington: $469,487 – 1% up from previous month, 7% up from same month previous year.

Waikato: $393,612 – 3.6% up from previous month, 10% up from same month previous year.

Inventory levels rose slightly to 28 weeks, but still well down on the long term average of 37 weeks of stock.

New listings increased slightly form last month, up 2%, however overall, March listings were lower than expected. 14 regions reported lower new listings than the same time last year with the most significant falls in Coromandel (down 29%) and Nelson (down 25%).

Canterbury reported 3.7% increase in new listings and Auckland 5% up from March 2013, however the buyer demand in Auckland still far outweighing the number of properties available.

Graphic from realestate.co.nz

Graphic from realestate.co.nz

In other Auckland news, Barfoot & Thompson reported an 80% increase in sales from February, with average house prices reaching $725,708 and the marian sales price for the month sitting at $652,000.

March also saw the largest number of premium properties since 2008 to be sold by Barfoot & Thompson in a single month, with homes over the $1 million price bracket accounting for 35% of the total residential sales for the month.

Daunting figures for any potential new home buyer in the Auckland region.

View the full realestate.co.nz property report for March 2014 here

View Barfoot & Thompson’s latest market updates here

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