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According to the Property Price Index on Trade Me, the average national asking price for a home reached an all-time high of $784,450 in February. The increase was $106,550 compared with the same month last year.
Trade Me Property Sales Director Gavin Lloyd says February was the sixth month in a row that the average asking price reached an ‘all-time high' for the property market.
“February was another month of immense growth, with prices showing no signs of slowing down,” he said.
“While homeowners will be pleased to hear property prices have climbed more than $100,000 in just one year, that house is now even further out of reach for first home buyers.”
Demand was down 2 percent year-on-year during February, with supply down at 15 percent. The Government's housing package's impact has not yet been clear or determined if that is the cause.
Supply increase from investors might bring a rethink to their property buying decisions and strategy.
“We would have to see a pretty remarkable increase in supply to see any relief in the short term. We expect to see the impact of this new legislation later in the year,” said Mr Lloyd.
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