Asking prices for Auckland houses hit a record high in February, rising by 2% to reach $817,000 on TradeMe’s property pricing index. That is a huge jump from February 2015, when the average asking price was $710,250 – meaning sellers want 15% more than they did this time last year. This takes asking prices in Auckland up a whopping 63%, or just over $315,000, since the same time five years ago.
Asking prices in the rest of New Zealand were up too, with a 25% increase over the same five-year period. On average, buyers outside Auckland are asking around $20,000 more than they were in February 2015.
The median rent remains at $500 a week, up just 5.3% on the same time last year. This puts serious downwards pressure on yields. This is demonstrated by the number of new clients we’ve been speaking to at FUZO Property: you simply don’t find strong yields in Auckland handed to you on a place, you need to have a creative strategy and apply plenty of elbow grease. Luckily, we do that for you and take all the hard work out of it!