The latest Trade Me Property Price Index shows the New Zealand property market looks set for a warm winter.

In April, average asking prices across the country climbed to a record high of $585,000, rising 2.1 per cent since last month, and up 8.4 per cent on a year ago.

House prices in the Waikato have increased by 15.8 per cent. Photo: File

House prices in the Waikato have increased by 12.9 per cent – the second largest increase in the country behind the Bay of Plenty which rose by 15.8 per cent.

Head of Trade Me Property Nigel Jeffries says house hunters should expect to pay a 'significant chunk more” when compared to this time last year.

'It's not good news for those looking to get into their first home with average asking prices up more than $45,000 over the last 12 months.

'On the other hand, sellers are in good stead as the reignited market continues to burn up.”

The average asking price of a typical New Zealand property has leapt 46 per cent over the last five years, from $402,150 in 2011 to $585,000 – an increase of more than $36,000 per annum.

'Since April 2011 the average asking price is up almost 50 per cent and the increase of $36,000 is pretty close to the median annual wage after tax in New Zealand,” says Nigel.

'That shows properties are now earning more than the median amount earned by a Kiwi employee. It's good news for property owners but a serious challenge for those aspiring to get a foot on the property ladder.”

STRENGTHENING PROPERTY MARKET OUTSIDE OF AUCKLAND

Several regions surpassed Auckland in year-on-year growth in average asking prices, with Bay of Plenty leading the pack, up 15.8 per cent in April to a new record high of $522,400.

The Waikato market continues to respond to the 'halo effect” of Auckland's boom, with a 12-month rise in asking prices of almost $50,000, landing at $434,850.

'Auckland's market continues to make waves on nearby regions. In the Waikato, we've seen an increase in average asking price of 13 per cent compared to a year ago, pushing the five-year increase up 24 per cent,” says Nigel.

Other regions with significant increases in average asking prices over the last 12 months were the Hawke's Bay, up 15.6 per cent to $471,750, while Nigel says Otago had seen 'a noticeable rebound” from early last year where prices fell for eight consecutive months.

'Since January, the average asking price in Otago has ticked up 11 per cent to $443,900 in April – a positive turnaround considering how unsettled things were at the start of 2015.”

Taranaki was the only region with a year-on-year slip in average asking price in the three months to April, down 6.6 per cent to $355,250 but ahead of its low point of $318,250 in December last year.