The latest Trade Me Property Price Index has recorded a post-Christmas bounce back in the Auckland market – with the average asking price hitting a record high of $918,600 in March.
This has prompted Trade Me’s property division to dig more deeply into three years’ worth of SuperCity asking price data.
Head of Trade Me Property Nigel Jeffries said the last three years have been a watershed for the Auckland market.
“The price increases are mind-boggling and it looks like there are more record highs around the corner, despite the recent easing.”
The three year analysis revealed that Auckland’s average asking price has jumped by 45.6% since 2014.
It also showed that every single suburb now has an average asking price of more than $500,000.
Back in 2014, there were 30 suburbs with an average asking price under that threshold.
Jeffries said that at the top end of the market they are seeing more asking prices edge over the two-million dollar mark, with Herne Bay, Dairy Flat, Omaha and Remuera all above that mark.
However, it is the number of $1 million suburbs in Auckland which has exploded in the last three years.
In March 2014, just 25 of the 160 largest suburbs had an average asking price over $1 million, and only two were above $1.5 million.
But in March 2017 there were 70 suburbs over $1 million and 17 over $1.5 million.
The top 10 fastest rising suburbs since March 2014 include three on Waiheke Island, plus Omaha and Newmarket.
Jeffries said the Auckland market’s average asking price is edging closer to the $1 million mark.
“Based on the current rate of growth, we could well see Auckland break through the one million dollar milestone within the next six months.”
Auckland’s top 10 fastest rising suburbs are:
1. Newmarket: average price $1,075,000 - up 119.6% over last three years
2. Oneroa (Waiheke): average price $1,488, 350 – up 90.8% over last three years
3. Auckland CBD: average price $541,600 – up 89.6% over last three years
4. Eden Terrace: average price $729,050 – up 85.0% over last three years
5. Omaha: average price $2,050,000 – up 80.9% over last three years
6. Surfdale (Waiheke): average price $1,011,900 – up 78.8% over last three years
7. Kelston: average price $814,700 – up 77.9% over last three years
8. Campbell’s Bay: average price $1,955,750 – up 77.1% over last three years
9. Sandringham: average price $1,118,250 – up 73.1% over last three years
10. Onetangi (Waiheke): average price $1,296,450 – up 72.1% over last three years
Meanwhile, asking prices in the rest of New Zealand continued to rise in March too.
The average asking price for the typical property outside Auckland was up by 1% to $482,000, the eighth consecutive record high.
Around the rest of the country, 12 of the 15 regions saw an increase in their average asking prices in March.
Nelson/Tasman, Wellington, Taranaki, Manawatu and Marlborough were all particularly strong performers.
Just three regions saw a drop in their average asking prices: Hawke’s Bay (down 2.7%), West Coast (down 0.5%) and Canterbury (down 0.3%).
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