Asking prices for Auckland properties have jumped up by 17 percent in the past 12 months. This would be huge news anywhere else in the country but not Auckland as it’s less than the peak of more than 20% achieved June 2015.
The previous year Auckland’s property asking prices were up 10% higher than they were in December 2013. While this growth was not considered an anomaly it was still a lot more than most regions except for Canterbury.
Auckland has raced ahead in 2015 while Canterbury has steadily declined to it’s current position of average asking prices up by only 2.3 percent in the last 12 months.
The average home in Auckland has now increased in value by 61 % since November 2010 and this equates to $306,000 according to Trade Me Sales Price Index November 2015. Most of the growth has been in the last 12 months but when it’s averaged out per year it is a gain of $61,200 per year which is more than the average wage in Auckland. The average wage in Auckland last year was $46,800.
Supply of homes is falling further behind demand and news of large scale housing developments failing suggests property values will continue to rise for the foreseeable future.
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