2020 saw property prices soar

The number of people searching for property in 2020 increased by 227.8%. Triple the amount when compared to 2016, according to the latest data from realestate.co.nz.

Despite all the challenges that came with 2020, it did little to dampen the New Zealand property market last year.

23.0% more users were searching for property nationally when compared to 2019, showing that people didn't shy away from buying and selling in 2020.

Properties in New Zealand, on average, cost $75,056 more in 2020 than they did in 2019.

Demand from users searching for property rose in every region in 2020. The most significant increases were seen in the South Island. Searches were up 46.1% in Nelson & Bays, 38.9% in West Coast and 37.6% in Marlborough.

A clear trend throughout 2020 is that demand for property outweighed supply; this could have contributed to price increases: 

• Property seekers in Marlborough were most pressed for choice last year with 16.2% fewer homes coming on to the market in the region compared to 2019
• Northland's new listings were down 15.9% on 2019
• Nelson & Bays listings dropped by 14.0%

The average asking prices were up year-on-year in every New Zealand region in 2020, as well as nationally.

• Gisborne saw the largest price increase during 2020. Average asking prices were up 21.8% on 2019 to $526,948
• Wairarapa and Manawatu/Whanganui followed closely, with both up 16.8% to $591,600 and $494,468 respectively
• Prices in Southland increased by 14.4% to $406,872, and Otago prices increased by 13.7% to $526,609

*Where a display price is not supplied the search price has been used.

*Information sourced from realestate.co.nz, the only provider of real estate data in real-time.