Average house price in regions reaches $500k

The average asking price for a house in the regions has reached half a million dollars for the first time.

Photo: RNZ/Susan Murray

Trade Me‘s latest Property Price Index shows the asking price outside of Auckland, Wellington, and Christchurch grew 6.8 percent in the last year to nearly $503,000.

Head of Trade Me Property, Nigel Jeffries said asking prices in Hawke‘s Bay, Manuwatu, and Marlborough reported the strongest growth.

He said this is because of people wanting to move out of the main centers like Auckland, as well as the business and employment opportunities in these regions.

The only regions to fall in March were Auckland which was down 0.7 percent, and the West Coast which was down 13.6 per cent.