WELLINGTON, Nov. 11 (Xinhua) -- New Zealand's property market gained momentum in October, with asking prices rising across nearly all regions while tightening rental supply pushed rents higher, industry data showed on Wednesday.
The national average asking price rose 2.7 percent month-on-month to 857,750 NZ dollars (about 480,902 U.S. dollars), with 14 of the country's 15 regions recording increases between September and October. However, prices remained 2.9 percent below October 2025, according to the latest market data released by Trade Me Property, a major New Zealand online property marketplace.
National asking prices remained about 13 percent below their peak in early 2022, the data showed.
New listings surged nearly 15 percent from September, as sellers moved ahead of the general election on Nov. 7, Trade Me Property Customer Director Gavin Lloyd said in a statement.
In the rental market, the national median rent rose 0.8 percent month on month to 625 NZ dollars a week in October, up 2.5 percent year on year, marking the fastest annual growth since 2024, according to Trade Me Property.
Rental demand was 15 percent higher than a year earlier, while new rental listings fell nearly 7 percent, pointing to increasing pressure on supply, the latest data showed. ■