Pressure on Auckland property bubble
2 MARCH 2015
A Property Investment Adviser says it will need a major outside event to reduce the property bubble pushing Auckland house prices ever higher.
Listen to Olly Newland on Morning Report:
The latest monthly data from realestate.co.nz shows the average asking price in Auckland continued to break records <http://www.radionz.co.nz/news/national/267414/average-house-price-passes-%24500k> for the second consecutive month.
The average in New Zealand’s biggest city reached a new high of $764,424 – a 1.9 percent increase on the $750,023 benchmark set in January.
A year ago, the average asking price in Auckland was at a high of $677,370, which indicated that asking prices across the city have grown by an average of 13 percent, or $87,000, over the last year.
Property analyst Olly Newland said while there was no limit for how high prices could go, in practice he did not think they could much higher.
But he said the pressure on the market was getting greater.