National Average Asking Price over $500K

propertyRising property values was the reserve of Auckland and Christchurch for most of last year but other regions are now getting a look in too. Wellington experienced very flat growth for months on end but Trade Me Price Index reports it has grown by 7 percent in the last 12 months.

Other regions are also showing a rebound in growth include Southland and Taranaki and Hawkes Bay. Canterbury’s property value growth has slipped back to be par with Wellington. It was in the double figures and steady in second place to Auckland now it’s back where it is likely to remain.

Seven percent growth per year is a good and that suggests there won’t be any rightsizing of the property markets in these regions any time soon. Auckland on the other hand is still experiencing dizzy heights of 14 + percent average annual property value growth and there are areas of Auckland that far exceed this rate.

Otago suffered the only negative growth rate of -2.7 percent. Northland ’s economy has been suffering for some time however it experienced some positive growth for the first time in quite a while with a 0.7 percent increase for the year up to February 2015.

So the national average asking price for a property in New Zealand is now $505,350 and we’re almost at parity with the Australian dollar. Australians are migrating to New Zealand as life appears better on this side of the ditch. Auckland of course will reap the rewards of this migration and property investment mentoring by PropertyTutors will be in hot demand.

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