The Kiwi property for sale market is on the rise again, with the average asking price for a typical property lifting 2.9 per cent in October to a record high of $618,000, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries says the market had 'spluttered back to life” during spring.

'The last 30 days has seen over $17,000 added to the average asking price of property for sale in New Zealand.

'It's been a familiar story recently, with new price records being broken almost every month and over $46,000 added to sellers' expectations over the last year.”

Sellers in the City of Sails sent average asking prices to a new high of $897,300 in the three months to October, up 2.9 per cent since September. In the last year, the average asking price of a typical Auckland property has risen 13.2 per cent, or $104,850.

'The unrelenting march of the Auckland property market over the last five years has seen average asking prices for a typical Auckland property explode from $515,600 in October 2011 to today's record peak of $897,300. That's more than $380,000 extra that buyers are being asked to cough up.”

Nigel says that $380,000 jump in Auckland eclipses the current median expected selling price in five regions around the country - Gisborne, Manawatu, Southland, Taranaki and the West Coast.

POWERHOUSE PROVINCIAL REGIONS KEEP RISING

Six regions hit record highs in October, with the 'Auckland effect” – a term describing the city's surging property market – responsible for the rise, says Nigel.

'The ripples from the Auckland effect saw six regions feeling the direct result, and the Waikato experienced the biggest leap, landing at $485,600.

'That's a four per cent lift in the last month and a 25 per cent boost over the past 12 months. In dollar terms, that's almost $100,000 added to the bottom line in only a year.”

New highs in average asking price were recorded in the Bay of Plenty, Canterbury, Marlborough, Nelson, Waikato and Wellington.

AROUND THE REGIONS

All but two regions saw a lift in average asking price, with six regions posting double-digit rises.

'The Hawke's Bay and the West Coast struggled this month, dipping six per cent and 11 per cent respectively when compared to the previous year. Meanwhile, the rest of the country saw pretty strong activity, driving an overall increase of 8 per cent year-on-year.”

URBAN PROPERTIES FACING HEADWINDS

Nigel says average asking prices for urban properties – apartments, townhouses and units – were struggling to keep pace with traditional houses.

'In the urban property market, units are the only property type keeping up with the traditional housing market with strong lifts in average asking price in both Auckland and Wellington.

'Units in Auckland have strengthened significantly throughout 2016 with a $60,000 increase in average asking price over the past year, to $612,550. This figure is double what we saw in 2009, when the average asking price was $304,600.”