Property listings hit record low

Property listings have hit an all-time low in Marlborough and asking prices have hit an all-time high, the latest Real Estate Institute New Zealand data shows.

There were 72 property listings across Marlborough during January and the average asking price rose to $581,106 which was a 16.5 per cent increase year on year.

Nationwide, the total number of homes for sale in January 2020 was down 21.6 per cent compared with last January – with only 19,488 homes for sale throughout the country.

REINZ spokesperson Vanessa Taylor said the biggest challenge across the country was that there was little stock – and Marlborough certainly reflected this.

‘‘Because there isn’t a significant number of houses being built or for sale – there’s a real challenge,’’ Taylor said.

No region in New Zealand saw an increase in the number of homes for sale in January, when compared with the same month last year.

She said data showed buyers in Marlborough

were often coming from outside of the region.

‘‘My hypothesis there is that people in Canterbury, Auckland, Wellington and are seeking a lifestyle change,’’ Taylor said.

‘‘Often if they’re coming from those regions too, they’re likely to have a bit more equity, so they’re willing to pay a little bit more for their properties.’’

Summit Real Estate Blenheim sales manager Nadine Thomas said there was always a degree of buyers from outside of the region – especially during spring and late summer.

She said they had definitely noticed a decrease in listings compared with the same period last year.

‘‘Last Christmas we were flat out, this Christmas we were busy, but it was because we were getting so many back-up offers,’’ Thomas said.

‘‘It’s positive if you’re selling, if you’re buying not so much.’’

She said it meant open homes had been ‘‘fairly steady’’ as there were fewer options on the market.

‘‘It’s resulting in multiple offers on properties.’’