It's bad news for property buyers with the average asking prices hitting an all-time high in October, according to Realestate.co.nz.
The New Zealand market is favouring sellers in most regions, with the average asking price reaching $434,161 - up from the previous high of $429,250 in April 2011 this year, according to data released today in the NZ Property Report.
Auckland topped the regions and recorded its highest average asking price, $568,778, since 2007 when data was first tracked by the company.
The asking price rise reflected a high level of confidence among sellers, who had been encouraged by a high demand for property and a big drop in listings, said Realestate.co.nz chief executive Alistair Helm.
"Every October, the numbers of new listings tend to surge even higher than September as spring continues to roll on out of the winter doldrums. However, slower than expected September sales this year have precipitated a degree of uncertainty among sellers considering entering the market,'' he said.
The number of new listings in October (11,312) was slightly up on September, (11,117) but this was a "considerable drop'' on the same time last year, said Mr Helm.
Listings began to steady last month, which had balanced out the market a little, said Mr Helm.
"What we're seeing emerging here is a mixed-confidence picture. The market is certainly stronger than it has been in previous years, but it is continuing to be tight.''
