Property Price Index | November 2024

The national average asking price for a property rose for the third consecutive month in November, while the number of properties for sale reached an all-time high, according to the latest Trade Me Property Price Index.

Trade Me Property’s Customer Director Gavin Lloyd said in November the average asking price for a property in New Zealand was $854,900.

“Month-on-month this marks an increase of 0.7 per cent which is a more modest increase than October which was up more than three percent on September.”

November’s largest increases were seen on the West Coast (+4.8%), Nelson/Tasman (+2.6%), Northland and Marlborough (+2.2% respectively) and Auckland (+1.4%) where average asking prices returned to north of the one million dollar mark in October.

The biggest falls across the month were in Gisborne (-3.3%), Hawkes Bay (-1.1%) and Otago (-0.7%).

“If we take a year on year view of prices it’s very much a tale of two halves with five of the six South Island regions Trade Me Property monitors showing positive price movement including growth of more than ten per cent on the West Coast where the average asking price now sits at $517,700. Nelson/Tasman is the exception which is down 1.9 per cent to $833,950.

"Looking at the North Island it’s a very different picture with prices down across the board when compared to the same period last year. Gisborne (-7.0%), Hawkes Bay (-3.6%) and Wellington (-2.3%) have seen the largest decreases.”