1 Feb 2017

Otago Lakes leads house price rises

11:00 am on 1 February 2017

House prices are rising to record highs in several regions, while availability in Wellington sits well below national averages.

Queenstown by Lake Wakatipu

Photo: 123RF

January statistics from realestate.co.nz showed nine regions, including the capital, hit record-high asking prices last month.

The website said the biggest increase was in the Central Otago Lakes region where prices went up 17.6 percent to an average asking price of more than $888,000 for a house.

The Central North Island and Hawkes Bay both rose by more than 10 percent, while Bay of Plenty's asking prices went up 9.8 percent.

Realestate.co.nz chief executive Brendon Skipper said Wellington house prices were up 5.6 percent because of low levels of supply.

"What we look there is the number of weeks it would take to sell the stock if no new listings came on. You look at the national averages of 15 weeks, Wellington is down to six weeks.

"We're really struggling to get stock levels up. Demand is high and obviously the asking price has crept up accordingly.

Mr Skipper said Taranaki, Manawatu, Otago and Coromandel were the other regions with record-high asking prices.

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