Listings surge and prices up

Trade Me's Property Price Index for November shows the national average asking price for a property reached $864,650, up 0.5% compared to October.

Some of the smaller regions have had the biggest changes. Gisborne has led the way with a 3.5% month-on-month increase, bringing the average asking price up by $20,000 to $627,700.

Following close behind is Northland with a 2.3% rise, lifting the average asking price for the region to $841,700. One of the main drivers has been Whangarei, which had a 4.4% increase when compared with October, upping the average asking price by more than $30,000 to $831,100.

Among New Zealand's major cities, Christchurch stands out as the only region experiencing a year-on-year increase. The average asking price reached $701,900 in November, up 0.2% on the month prior.

This is led by smaller dwellings with 1-2 bedrooms rising 2.9% year-on-year, making the average asking price $531,350.

Christchurch has emerged as a great option for first home buyers, especially if they don't need a big property. It’s the most affordable option for Kiwi and prices have also been relatively stable when compared to Auckland and Wellington,” Gavin Lloyd, Trade Me’s property sales director says.

Five plus bedroom properties in Auckland had a 16.2% drop in average asking price, falling to just over $2.3m. Across all size properties in Auckland, there was an 8.4% decline, bringing the average asking price to $1,213,750.

In Wellington, the average asking price has fallen to $910,500, reflecting an 8.3% drop compared to the same time last year.

Supply hits double digit growth

The supply of properties for sale increased by 11% last month across the country, the biggest month-on-month increase this year.

Wellington (18%) and Otago (15%) both had double-digit increases, but Gisborne stood out with the most significant surge, recording a 34% increase compared to October.

"After the uncertainty of the election and a new government it’s clear that Kiwi now feel comfortable enough to put their properties on the market,” Lloyd says.

Nationwide, demand was up by 2% in November, with Gisborne again leading the way with a 23% increase in listing views.

Properties selling almost a week faster

With demand heating up nationwide, properties are also now selling quicker than they did last year.

The median time for a property to be listed onsite has fallen to 51 days, which is six days less than it was in November last year.

“When homes are selling quickly in New Zealand, it's a great sign for the property market. Fast sales mean there's a lot of interest and demand, which is good news for both sellers and buyers,” Lloyd says.