New Zealand has seen record sale prices in the past 12 months. The national average asking price saw its biggest year-on-year increase of all time in May, increasing by 17 per cent to $820,950, according to the latest Trade Me Property Price Index.

Trade Me Property Sales Director Gavin Lloyd said that the rise continued, reaching an all time high for the ninth month in a row in May. Average prices saw a year on year increase in every region.

The biggest year-on-year price increases were seen in Manawatū/Whanganui (25%) and Wellington (22%).”

The only regions that did not see demand increase was Taranaki (0%), Otago (-2%) and Wellington (-3%).