Record asking prices recorded

The average national asking price of newly-listed residential property on the website rose in March to $484,263.

Auckland, Wellington and Waikato reported record average asking prices of $683,169, $469,487 and $393,612, respectively.

The number of properties for sale recovered a bit, thanks to an increase of new listings in Auckland, Wellington and Christchurch.

The national inventory of unsold homes lifted 8% to 28 weeks’ of stock in March.

It’s still below its long-term average of 37 weeks.

Realestate.co.nz marketing manager Paul McKenzie said seller confidence in the major centres wass rising, buoyed by strong demand.

To reach last month’s record, average Auckland asking prices rose by 12% year-on-year, Wellington prices rose 7% and Waikato prices 10%.

New property listings increased by 3%.