However, fewer properties were for sale
House sellers were asking 12.4% more on average last month compared to a year earlier, according to the realestate.co.nz.
The latest data by the realestate.co.nz revealed that the national average asking price increased to $772,288 year on year due to the influx of returning Kiwis and record-low interest rates, with Auckland's average asking price hitting $1.015 ​million.
Realestate.co.nz spokesperson Vanessa Taylor said some buyers were even purchasing properties “sight-unseen” from overseas or while they were quarantined.
“We have seen a lot of international interest in Auckland recently, and this could be pushing up prices and encouraging property owners to sell,” Taylor said, as reported by Stuff.
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The latest data follows the Real Estate Institute of New Zealand (REINZ)'s sales price data in September, which showed that the country's median house price was 14.7% higher in September compared to the same month last year.
Despite the soaring asking prices, the data revealed 18.7% fewer properties for sale last month than in October 2019. However, the number of listings was increasing, says Taylor.
“As COVID-19 spreads, record numbers of Kiwis are returning to and staying in New Zealand. I think we can expect this to have an impact on the total number of homes available for sale around the country,” she continued.
Realestate.co.nz also continues to see an increase in international traffic on its website, which proves that people were searching for a property before returning to New Zealand.
“Anecdotally, real estate agents nationwide are telling us that many Kiwis are even buying property sight-unseen from overseas or in quarantine,” Taylor said.
