Home sellers now asking for boom-time prices - real estate report

After months of being told to lower expectations, people trying to sell their homes are pushing asking prices up even higher - now asking for money not seen since the peak of the property boom in 2007.

The national median asking price for listed homes in last month was $399,000, matching the pre-recession peak of October 2007, says property listing site Realestate.co.nz, in its monthly "NZ Property Report".

It says the largest regional increases in median asking prices occurred in Gisborne, where prices were up 21.5 per cent on March last year, Northland, up 13.2 per cent, Nelson up 12.7 per cent and Central Otago/Lakes where asking prices were up 10.8 per cent.

Auckland and Central Otago/Lakes remain the most expensive parts of the country, with median asking prices of $509,000 and $575,000 respectively. Coromandel saw the biggest drop in median asking price, down 12 per cent on March 2008, while Southland had New Zealand's lowest median asking price of $215,000.

To read the full NZ Herald article click here

Posted: 1 Apr 2009

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